Summa Investing Corp. v. McClure

Summa Investing Corporation [Summa] appeals the entry of the portion of a final judgment foreclosing a second mortgage and an order denying Summa’s motion to correct the eighteen percent (18%) default rate of interest used to calculate the rate due under the second mortgage. We reverse.

In 1973, Herman W. Thompson and Mary Louise Thompson, then the owners of the property, executed a $28,000.00 first mortgage and note in favor of Financial Federal Savings and Loan Association of Dade County [Financial Federal], In 1983, Raymond E. Bellamy, the subsequent owner, executed a $12,000.00 second…