Legal Question in Banking Law in California
I live in California. My house will be in Trustee sale auction on Dec 12 of this year. 2nd trustee deed holding is foreclosing on my house instead of 1st. He lend money to us before and we could not pay. He charged me 12% for years on interest. Is that over the limit of usury law in California? If so, is there anything that i can do to stop the foreclosure?
1 Answer from Attorneys
Usury law in California has so many exceptions that it is nearly non-existant. I wouldn't count on it applying to your second. If you think the loan was illegal in some way, however, you can file suit and immediately ask the court for an injunction against the trustee's sale until the case can be heard. Given your tight time limit, I can't recommend strongly enough not trying to do that without a lawyer. You should find someone to represent you Monday morning.
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