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StopCityFraud.com:      Val-Chris Investments
Predatory Lender? - Irvine, CA


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Request for Info on Pattern and Practice of
Val-Chris Investments - (a Predatory Lender?)

California, L.A. County, Norwalk Superior Court, Case # VC053388
Summary: Val-Chris (VC) violated the law in multiple ways:
1) VC kept money for Broker Points for 3 months - lack of consideration.
2) Possible extortion - money was withheld - VC wanted to redo loan after funding.
3) Settlement/Closing was delayed by VC to ask for more docs = TILA violated because no other Notice of Right to Cancel.
4) VC violated Fiduciary Duty and Duty of Good Faith by not paying required money timely.
5) VC lied in answer to RESPA Qualified Written Requests, and failed to answer others.
6) After I rescinded the loan, VC refused to cooperate, ignored the rescission, and tried to foreclose.
6) Comingling, Breach of Fiduciary Duty, Breach of Contract, Unjust Enrichment, Interference With Borrower's Contractual Relations, Trust Fund Mishandling, Duress, Libel, Infliction of Emotional Distress, Negligence, Constructive Fraud Based on Fiduciary Duty, breach of Covenant of Good Faith and Fair Dealing, etc.

James Krage v. Chris Boulter, Val-Chris Investments, et al.

COMPLAINT FOR JUDICIAL REVIEW OF RESCISSION AND/OR FOR CANCELLATION OF WRITTEN INSTRUMENTS (NOTE AND TRUST DEED), FOR QUIETING TITLE, FOR DECLARATORY JUDGMENT, AND FOR OTHER DAMAGES FOR:
1. RESCISSION FOR MISREPRESENTATIN AND FRAUD
2. RESCISSION FOR FAILURE OF CONSIDERATION IN PART
3. RESCISSION FOR DURESS
4. RESCISSION FOR MISTAKE OF LAW
5. RESCISSION FOR PADDED CHARGES THAT ARE DECEPTIVE PRACTICES
6. CANCELLATION OFINSTRUMENTS
7. QUIET TITLE
8. INJUNCTION
9. DECLARATORY RELIEF
10. FRAUD
11. CONSTRUCTIVE FRAUD
12. BREACH OF FIDUCIARY DUTY
13. BREACH OF CONTRACT
14. INTERFERENCE WITH CONTRACT
15. UNJUST ENRICHMENT
16. TRUST FUND MISHANDLING COMINGLING
17. RESPA VIOLATIONS
18. FDCPA VIOLATIONS
19. HOEPA VIOLATIONS
20. VIOLATION OF FIN. CODE 4973(k)
21. ACCOUNTING
22. NEGLIGENCE
23. VIOLATION OF DUTY OF GOOD FAITH AND FAIR DEALING
24. FALSE ADVERTISING B&P 17200


Val-Chris Investments used Misrepresentation and Fraud, Comingling, etc?

On May 3, 2007, I got a Hard Money loan for $350,000 as a refinance.
The Lender, Val-Chris, only wired about $331k to the Title Company for the neutral Escrow account.
The prepayment monies of about $19k were deposited into a Val-Chris Escrow Account (I believe was not segregated).
Val-Chris withheld the broker's points until 7/30/07, then paid it from the my payments - from the General Account (comingling?).
I requested information from Val-Chris with Qualified Written RESPA Requests, and they failed to answer most items,
and outright LIED to state that all $350k was wired to Title on May 10, 2007.
I rescinded the Contract on January 2, 2008, on grounds:
       "rescinded for multiple reasons including misrepresentation, fraud, Truth-in-Lending violations, and errors in the notice of the 3 day right of rescission."
Misrepresentation and Fraud appear to be abundant:
He said he withheld the broker's commission until the broker completed some things, but told the broker he'd pay him after I paid 2 months.
Just after he funded, he asked me (verbal thru the broker's agent) to return $30k and agree to rescind, so he could write the loan for a lower amount.
When I asked what consideration, he offered $1,000. He told the agent that he might sue if I didn't agree (Duress?) .
Summary of Damages:
"RESPA violations to cover up lies, what now appears to be a blatant lie in writing (Oct.29), continual lies since May 2007 of reasons for canceling the loan in May and reasons for delays in paying the broker, which possibly shows Comingling, :Breach of Fiduciary Duty, Breach of Contract, Unjust Enrichment, Interference With Borrower's Contractual Relations, Trust Fund Mishandling, Duress, Libel, Infliction of Emotional Distress, Negligence, Constructive Fraud Based on Fiduciary Duty, breach of Covenant of Good Faith and Fair Dealing, etc, and a now an illegal action to file a Notice of Default after I rescinded, instead of working with me to complete the Rescission process, which I offered".

Short Statement in the Complaint

"This case is an attempt to limit a high cost predatory Lender who preys upon people of limited means through loans with unconscionably high interest rates and excessive padded fees. Such predatory loans have a strong tendency to force people to leave their homes. Indications are that the Lender never expected this loan to be repaid. Instead the Lender expected to get Plaintiff’s house for much less than the fair market value of the house after extracting as much money as possible from the borrower in monthly payments, which money the Borrower was expected to pay in a desperate but futile attempt to avoid the inevitable. The Lender has broken Federal laws, including TILA, RESPA, FDCPA, HOEPA, and has broken California laws, including the Calif. Finance Code and the Calif. Business & Professions Code. The Lender flatly refuses to obey the rescission procedures specified in TILA. The Lender acts in total disregard for Federal Law -- TILA, RESPA, FDCPA -- and with the assistance of a lawyer and a foreclosure agent appears to blatantly and willfully violate RESPA, FDCPA and TILA. The Lender, in his lawyer’s letter of April 23, 2008, refuses Plaintiff’s Offer of Restitution of April 17, 2008 and makes a counteroffer. Plaintiff should not be required to re-offer restitution after Defendants’ blatant refusal to accept an overt “Offer of Restitution”. Without any Security Right after Rescission, the Lender is still attempting unlawful Foreclosure, and must be enjoined immediately from proceeding. Exhibits 1 through 43 are incorporated here by reference."

Short Summary

I got a Hard Money loan for $350k last May, 2007.
The lender delayed consummation without issuing another Notice of Right to Cancel, which violated TILA.
The lender also acted as escrow for about 6% of the loan, then delayed payment of points to the broker for months, and used my first 2months payments to pay the broker’s points, which breached the Escrow Agreement, Fiduciary Duty, & Duty of Good Faith.
The lender included charges in the Prepaid Finance Charges that were not allowed by TILA.
The lender failed to answer RESPA QWR’s with specifics, and lied in answer to other QWR’s.
He violated TILA, RESPA, FDCPA, Cal. Finance Code4973(k), and B&P 17200 & 17500
His delay in paying broker points can be seen as lack of consideration – for rescission.
Fraud in acting like he would fund everything up front, then delaying payment of points may be another reason for rescission.
He gave a HOEPA disclosure and asked for Prepayment Penalties, in violation of HOEPA and California law.
I rescinded the contract (Note and TD) on January 2, 2008, but he refused to respond.
I understand that his refusal to cooperate with the rescission may be in criminal violation of 15 USC 1611.
He tried to foreclose in May, 2008, so I sued in State Court, but he blocked a loan for the Undertaking by refusing to have the money wired and insulted the lender who withdrew the offer.
i have re-filed the state complaint with mainly state violations as causes of action.
I plan to have a Forensic Loan Audit done for evidence.
Copies of Documents:
Prelim Adversary Proceeding List of Exhibits Exhibits Lis Pendens
Notice of Rescission #1 Notice of Rescission #2 Rescission of Deed Notice and Demand
TRO Notice of Default Notice of Sale

Request for Info on Pattern and Practice of Val-Chris Investments - (a Predatory Lender?)


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