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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Unconscionable advantage explained Posted by Ron M on September 28, 2001 at 12:35 AM In Reply to: Re: Unconscionable advantage explained posted by Ward-CA- on September 28, 2001 at 12:02 AM How's this. 100K in equity...you give trustor 10K to quitclaim property to you. You reinstate loan, pay back taxes (say 10K) and keep 80K in equity for yourself. Is that unconcionable in your opinion? (Not that I plan on putting deals like these together, should I ever run across one, but want to get an idea of where it is one crosses the line.) Tia Ron M : : According to CA Civil Code 1695.13 (Prohibited Acts) : : It is unlawful for any person to initiate, enter into, negotiate, etc .etc....if such person by the terms of such transaction takes unconscionable advantage of the property owner in foreclosure. : : Ward, or anyone...can you give an example of someone taking unconscionable advantage of a property owner in foreclosure? : : The above language is broad and subject to interpretation, it seems, in a number of ways. How do you interpret it? : : TIA : : Ron M : =•=•=•=•=•=•=•=•=•=•=•=•=• : Ron, an unconscionable advantage is generally thought of in terms of a lopsided deal, done before or at the foreclosure sale, where the defaulting owner receives a mere pittance for her equity. : Seems more foreclosure buyers are now more unconcerned in this area than just a few years ago. Follow Ups: Re: Unconscionable advantage dilemma Ward-CA- 2:15 PM, 09/28/01 (1) Re: Unconscionable advantage dilemma Ron M 3:44 PM, 09/28/01 (0) Post a Followup: Name : E-Mail : Subject : Comments: : How's this. : 100K in equity...you give trustor 10K to quitclaim property to you. You reinstate loan, pay back taxes (say 10K) and keep 80K in equity for yourself. Is that unconcionable in your opinion? (Not that I plan on putting deals like these together, should I ever run across one, but want to get an idea of where it is one crosses the line.) : Tia : Ron M : : : : According to CA Civil Code 1695.13 (Prohibited Acts) : : : It is unlawful for any person to initiate, enter into, negotiate, etc .etc....if such person by the terms of such transaction takes unconscionable advantage of the property owner in foreclosure. : : : Ward, or anyone...can you give an example of someone taking unconscionable advantage of a property owner in foreclosure? : : : The above language is broad and subject to interpretation, it seems, in a number of ways. How do you interpret it? : : : TIA : : : Ron M : : =•=•=•=•=•=•=•=•=•=•=•=•=• : : Ron, an unconscionable advantage is generally thought of in terms of a lopsided deal, done before or at the foreclosure sale, where the defaulting owner receives a mere pittance for her equity. : : Seems more foreclosure buyers are now more unconcerned in this area than just a few years ago. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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