l had a second mortgage held by a private individual, and an LLC.his general partnership.My problem is l had borrowed $ 35,000 to finish my home, l was charged a fee that he called an assumption fee of
$ 25,000 AND an interest of 11%. for a total loan of $ 60,000 plus interest. l paid the loan off in a year including the $ 25,000. l know l can file criminally I'd rather receive payment. l need to know where to begin to get my money back and can l seek damages?. The bad part is because l had borrowed other money from him including interest when he made this mortgage he rolled that loan into the mortgage and l paid interest on interest, and since l had refinanced it out of his name l again had to pay interest on interest for the $ 25,000 and interest on interest on interest for an $ 8,200 loan. At the same time he assumed my first mortgage but, the original bank maintained interest in the property and any prepayments had to go to the original bank. Did l mention he has a vested interest in the original bank?l made this loan in end of Aug 2006 and refinanced it out of his name at a much higher interest rate in beginning Sept 2007.
Sam, that is an interesting site but, it did not answer my question. thanks l think you may have posted this answer to the wrong question.

Sounds like you were in a bad position to have to borrow from this person in the first place ie you could not get traditional funding from a bank due to bad credit no credit, no income verification etc. Especially at a rate of 11% ouch!! And now you said its higher? Talk to a realestate attorney in NJ but my guess is that you signed some papers agreeing to the terms and you have no footing for a lawsuit.

Well all l can say is it does not surprise me, after all NJ is where loan sharking started, NY followed soon.

All l can suggest is contact the NJ state attorney generals office and see what they can do for you. They would determine if it is civil or criminal and if any laws were broken.

Here is a link to your attorney generals office
http://state.nj.us/lps/

Hope this is of help to you.