BNH Caleb 14 LLC v. Mabry

49 Misc. 3d 402, 11 N.Y.S.3d 844 (2015)

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BNH Caleb 14 LLC v. Mabry

New York Supreme Court
49 Misc. 3d 402, 11 N.Y.S.3d 844 (2015)

Facts

Karen C. Mabry (defendant) obtained a mortgage from Greenpoint Mortgage Funding, Inc., which subsequently assigned the mortgage to BNH Caleb 14 LLC (BNH) (plaintiff). Mabry’s mortgage payments were due on the first of each month, and BNH was entitled to assess a 5 percent late fee for any payments not made within 10 days of the due date. The mortgage contained an acceleration clause allowing BNH to demand immediate payment of the entire principal amount due if Mabry failed to make her monthly payment on time. BNH did not receive Mabry’s April 2014 payment, which did not include the required $118.15 late fee, until April 24. Although the payment was late and was missing the late fee, BNH, through its attorney, accepted and deposited it. Mabry made her May 2014 payment on May 10. BNH rejected that payment and notified Mabry that it was accelerating her mortgage due to the lateness of her April payment and her failure to pay the April late fee. BNH then filed a foreclosure action and moved for summary judgment.

Rule of Law

Issue

Holding and Reasoning (Ritholtz, J.)

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