Nature of Proceedings: Motion Preliminary Injunc. to Stay Foreclosure
Preliminary Injunction
Ruling: If plaintiff does not have a valid proof of service indicating timely service (i.e., by September 15, 2009) on file with the court on or before October 6, 2009 at 9:30 a.m., the court will dissolve the TRO and deny the application for preliminary injunction. If, and only if, plaintiffs file a proper proof of service, the court will grant a preliminary injunction.

Background

Plaintiffs Thomas G. and Susan McShannock bring this action for damages, injunction and declaratory relief. On January 31, 2006, plaintiffs executed a promissory note in the amount of $562,000 in favor of defendant First Federal Bank of California. The note was secured by a deed of trust on a condominium at 2235 Banner Ave. A, Summerland, California. Plaintiffs allege that the payment on the loan exceeded their “spendable income” and that First Federal did not disclose ........