Hoyt v. Ge Capital Mortgage Services, Inc.

Introduction

Richard and Joan Hoyt (Appellants, or Mr. Hoyt and Mrs. Hoyt, respectively) appeal from the trial court’s judgment. We reverse and remand.

Factual Background

In 1991, Appellants moved to Webster Groves from North Carolina and obtained financing with G.E. Capital Mortgage Services, Inc. (Respondent) to purchase a home. Appellants obtained a conventional 30-year mortgage, with an interest rate of 9.25%. The promissory note was secured by a deed of trust on Appellants’ home. The promissory note required monthly payments of $1,316.29 beginning on August 1, 1991, to be applied to…