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Another delinquent SBA loan lands in court
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Posted on Dec 22 2004
Texas firm LPP Mortgage Ltd. has brought another delinquent disaster loan originally acquired from the U.S. Small Business Administration to court.
LPP filed with the Superior Court a civil action against Maria Pangelinan Kaipat to seek payment for an unpaid debt amounting to at least $42,494.41.
The complaint alleged that Kaipat acquired the loan from the SBA in February 1995, with the borrower issuing the agency a promissory note in the amount of $36,200.
Kaipat and the SBA modified the loan amount to $40,800 in March 1995, and to $45,000 in April that year. She secured the loan by mortgaging an 847-sqm homestead lot, which was signed by former Gov. Froilan Tenorio.
Sometime in 2001, LPP acquired rights over numerous loans from the SBA. LPP’s lawyer, Bruce Mailman, sent a notice of default to Kaipat in October 2003, according to the complaint.
Mailman said Kaipat failed to make any payment despite demand, prompting LPP to file the court action.
He also asked the court to foreclose the mortgaged property if Kaipat fails to pay within three months should the court decides in favor of the company.
