Morris and Associates is a law firm comprised of a San Diego business law attorney and staff who also handles client matters including California personal injury cases, wrongful death matters, motor vehicle accidents, pedestrian accidents, employment...
San Diego, California (PRWEB) April 21, 2012
The San Diego trial attorney at the law firm of Morris and Associates has filed a California civil lawsuit against several business entities and at least one individual on behalf of a client who alleges that he was defrauded based on a prepayment penalty clause in a real estate financing contract. The claim has been filed and is proceeding through the court system.
Specifically, the action is entitled, Barton v. Michael Pohl, an individual; Rancho Santa Fe Mortgage, First California Bank and JP Morgan Chase Bank and was assigned a case number of 37-2012-00094774-CU-MC-CTL. The case was filed in the Superior Court of California, County of San Diego, Central Division and has been assigned to Judge Judith F. Hayes.
This California civil lawsuit claims that the plaintiff entered into a financing agreement for a tract of land in Pacific Beach, San Diego in October of 2007 for a cost of $1.6 million. The financing agreement contained a prepayment penalty clause that referenced both a 1 percent prepayment penalty and a complex equation regarding this item, with the greater sum reportedly being due upon any prepayment of the loan.
When plaintiff inquired defendants with regards to this equation, he was allegedly told that the prepayment penalty would be ‘about 1 percent of the unpaid principal’ according to the complaint issued with the case. However, based on the equation that was mentioned above, it was determined that the plaintiff actually owed a prepayment penalty of $449,607.85. Plaintiff was forced into a position to have to sell this property in 2011 based on the death of his mother and the need to pay for a death tax liability.
Plaintiff alleges several misdeeds in the complaint, including fraud against Rancho Santa Fe Mortgage and Mr. Pohl, negligent misrepresentation against Rancho Santa Fe Mortgage and Mr. Pohl, unfair business practices against all defendants, false advertising against Mr. Pohl, Rancho Santa Fe Mortgage and First California Bank, a violation of the Consumer Legal Remedies Act against all defendants and declaratory relief against First California Bank and JP Morgan Chase.
Plaintiff, with the help of the California business lawyer at Morris and Associates, seeks compensatory damages, punitive damages, statutory damages, injunctive relief, attorney’s fees, court cost recovery and a declaration that the note at issue is unconscionable and violative of California business laws.
About Morris and Associates
Morris and Associates is a law firm comprised of a San Diego business law attorney and staff who also handles client matters including California personal injury cases, wrongful death matters, motor vehicle accidents, pedestrian accidents, employment law, elder abuse and neglect and many other types of legal matters that require the help of experienced professionals.