California Real Estate Fraud Report

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Lawsuit Filed against Lenders for Fraud in Land Purchase

A man has filed a civil lawsuit against three lenders and an individual alleging fraud regarding the prepayment penalty clause in the real estate contract used to purchase a tract of land. The land is located in Pacific Beach in San Diego and was purchased for $1.6 million in 2007.

The lawsuit was filed by the San Diego law firm of Morris and Associates and is entitled Barton v. Michael Pohl (an individual), Rancho Santa Fe Mortgage, First California Bank and JP Morgan Chase Bank.

Specifically, the plaintiff Barton is alleging that when he inquired as to the prepayment penalty for the loan, he was told it was “about” 1% but that the contract also contained a complex calculation with respect to the prepayment penalty.  When Barton was forced to sell the property to pay a death tax liability when his mother passed away in 2011, he was presented a notice that the prepayment penalty was $449,607.85.

The case number for this lawsuit is 37-2012-00094774-CU-MC-CTL, and is being assigned to Judge Judith F. Hayes in the Superior Court of California, County of San Diego, Central Division.

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© Copyright 2007-2017 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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