No Certificate of Occupancy in California

[quincydjohnson]

My question involves a foreclosure in the State of: California

Last year following the purchase of my home (a 4 plex) I discovered that the building had lost its certificate of occupancy before my purchase and that I had needed to acheive a Certificate from the city prior to occupying the building.

To complete the required rennovations it required more money than I anticipated. I complained to my escrow officer she informed that she could help me to secure the funds needed to complete the rennovations for a a fee. She and her husband offered to provided me with a interium private loan while her husband helped me and more so ensured me thathe could secure a secure an institutional loan. For this assistance they informed me that they would charge me 3500. they structured this fee in the form of an interest rate 7%a MONTH!! on 50,000 (the personal loan) which was to be paid off in through the acquisition of an institutional loan.

Needless to say the husband never obtained the institutional loan and after paying them 20,000 in the course of 10 months they maintained that I owed them a balance of 59,000.00. I They filed foreclosure and I inturn filed a prose suit requesting an injuction on the anticipated sale. following my filing They asked to meet with me, I did they instructed me that they simply wanted me to pay off the principal balance and commit to to 2,000 a month payments to payoff the balance. further in paying them I had fallen behind on my first and was facing foreclosure. The couple then instucted me to stay current on my first and that they would provide me leancy in paying them off. on January 5 I was involved in a car accident and was inconpacitated and hospitalized for 3 weeks. They couple knew this as my faily contacted them and made them aware of my circumstances. during this time period they filed for notice of sale and acquired my home. how to I challange this PLEASE SOMEONE HELP! CALIFORNIA

[Mr. Knowitall]

You haven't given us any dates, haven't told us if your agreement was reduced toa judgment, haven't told us whether this was a new lawsuit, haven't told us if you informed the court of your accident and that you needed court proceedings adjourned, haven't told us how they got possession.... We have basically none of the information we need to understand the procedural background to your case.

First thing, get a lawyer. If you cannot afford a lawyer, go to legal aid. Don't delay any longer. You have plenty of time, and can have a lawyer by the end of the day. Assuming this person isn't a real estate broker, it sounds like you have a pretty clear-cut usury case, if you didn't botch things by entering into a consent judgment that somehow excused their misconduct.

In regard to usury, a loan to be used primarily for home improvement or home purchase is not regarded as a loan for personal, family or household purposes. With these loans and for any other loans which are not for personal, family or household purposes, the allowable rate is the higher of 10% or 5% over the amount charged by the Federal Reserve Bank of San Francisco on advances to member banks on the 25th day of the month before the loan (if the agreement to loan and the actual lending of the money are in different months, the 25th day of the month before the earlier event is used).

The usury laws do not apply to any real estate broker if the loan is secured by real estate. This applies whether or not he or she is acting as a real estate broker. The limitations also do not apply to most lending institutions such as banks, credit unions, finance companies, pawn brokers, etc. State laws place limitations on some of these loans, but at a higher percentage rate than the usury laws listed above/