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Federal Home Loan Mortgage Corp. v. Taylor

District Court of Appeal of Florida
318 So. 2d 203 (1975)


George Taylor (defendant) owned a home subject to a mortgage held by Federal Home Loan Mortgage Corporation (FHLMC) (plaintiff). The mortgage provided for a late charge if a payment was more than 15 days late. The mortgage also contained an acceleration clause stating that if any installment payments were missed and not paid by the due date of the next monthly payment, the entire debt would come due. Taylor served in the Air Force and was assigned to the Philippines for a period of time. Mail took 7 to 18 days to be delivered from the Philippines to the United States. Taylor made timely monthly payments for three years, but started missing payments around the time he had to fly his daughter from the Philippines to Texas for medical treatment. Taylor cured his default, and FHLMC accepted the late payments. However, the next time Taylor was late and tried to cure, he did not include the proper amount for the late charge. FHLMC responded by mail stating as much and did not accept the late payment. By the time Taylor received the response from FHLMC, the next month’s payment was already due. Pursuant to the acceleration clause, FHLMC commenced foreclosure proceedings. The trial court denied foreclosure. FHLMC appealed.

Rule of Law


Holding and Reasoning (Willis, J.)

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