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BOSCHMA v. HOME LOAN CENTER, INC.

No. G043716.

198 Cal.App.4th 230 (2011)

CLARENCE E. BOSCHMA et al., Plaintiffs and Appellants, v. HOME LOAN CENTER, INC., Defendant and Respondent.

Court of Appeals of California, Fourth District, Division Three.

August 10, 2011.

Attorney(s) appearing for the Case

Arbogast & Berns, David M. Arbogast , Jeffrey K. Berns ; Spiro Moss and J. Mark Moore for Plaintiffs and Appellants.

Sheppard, Mullin, Richter & Hampton, Robert S. Beall , Jonathan P. Hersey , Isaiah Z. Weedn and Karin Vogel for Defendant and Respondent.

OPINION

IKOLA, J.—

The defining feature of an option adjustable rate mortgage loan (Option ARM) with a discounted initial interest rate (i.e., a "teaser" rate) is, for a limited number of years, the borrower may (by paying the minimum amount required to avoid default on the loan) make a monthly payment that is insufficient to pay off the interest accruing on the loan principal. Rather than amortizing the loan with each minimum...

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