McCourry v. Beneficial Savings Bank

SHARP, Chief Judge.

This is an appeal from a final judgment of foreclosure entered against the McCour-rys, defendants below, in favor of the co-mortgagee, Beneficial Savings Bank (“Beneficial”). We reverse.

The McCourrys owned a residence which they sold for $270,000 to Paul West, president of Freedom Mortgage Group, Inc. (“Freedom”). At the closing, West executed a note and mortgage, securing payment of the full sales amount. The note provided for a series of 120 monthly payments at 9.9% interest, to be followed by a series of 240 monthly payments at 11.9% interest.

Contemporaneously with the…