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Texas firm sues 2 over $53,777 disaster loan
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Posted on Feb 07 2006
A Texas company has sued two persons for alleged non-payment of $53,777 in disaster loan plus accrued interest.
LPP Mortgage Ltd., through counsel Bruce Mailman, asked the Superior Court to order Jose R. Camacho and Maria A. Camacho to pay $51,002 in principal plus $2,775 in accrued interest.
LPP Mortgage, a Texas limited partnership formerly known as Loan Participant Partners Ltd., also demanded payment for court costs and attorney’s fees.
The company also sought a court order directing that if the judgment is not paid in full within three months, the defendants’ mortgaged 975 square meters of land in Kagman II will be sold and the proceeds would be applied to payment.
Mailman stated in the complaint that on March 17, 1995, the Camachos applied for a disaster loan with the U.S. Small Business Administration in the amount of $67,200.
The debt, Mailman said, was secured by a real estate mortgage executed by each of the Camachos and Benigno M. Sablan, in his capacity as the then secretary of the Department of Lands and Natural Resources on March 22, 1995.
On March 4, 1998, DLNR’s Division of Public Lands executed a quitclaim deed in favor of the Camachos.
The mortgage secured repayment of the note and pledged to SBA the Kagman property. In 2001, SBA endorsed the note to the order of LPP Mortgage.
“The Camachos are in default on the note, in that they have not made all the payments provided,” Mailman said.
