Beneficial Homeowner Service Corp. v. Pugh

OPINION OF THE COURT

Memorandum.

Ordered that the order is affirmed without costs.

In October 2001, defendant entered into a loan repayment and security agreement with plaintiff Beneficial Homeowner Service Corporation, pursuant to which defendant borrowed the principal amount of $17,453.77 from plaintiff. The contractual rate of interest was 20.997% per annum, although according to the agreement the cost of the credit at a yearly rate was 22.278%. The loan was secured by a 15-year mortgage on property at 32 B Ball Road, Syracuse, New York. After October 18, 2002, defendant ceased making…