Dobson v. Substitute Trustee Services, Inc.

STEPHENS, Judge.

Factual and Procedural Background

On 31 July 1996, Plaintiff Linda G. Dobson (“Dobson”) and her husband borrowed, at a yearly rate of 12.41% interest, $50,400.00 from Equivantage, Inc. (“Equivantage”). Dobson executed a promissory note in favor of Equivantage in that same amount, the terms of which (1) required Dobson to make monthly payments of interest and principal amounting to $534.38, not including escrow; (2) charged a fee to Dobson for any late payments in the amount of “4.000% of [the] overdue payment of principal and interest;” and (3) stated that Dobson would be in…