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Texas company runs after delinquent disaster loan
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Posted on Sep 28 2004
A Texas firm has filed another suit to collect on a disaster loan that was originally obtained from the U.S. Small Business Administration, following its recent disclosure that many disaster loans are delinquent.
The White Pierce Mailman & Nutting law firm earlier said that it is handling some 90 loan cases on behalf of Texas firm LPP Mortgage Ltd., which had acquired rights over the loans from the SBA.
Lawyer Bruce Mailman filed the Superior Court civil action against Mariano S. and Lolita A. Sablan of Rota to collect some $34,882.51 in unpaid principal balance, exclusive of interests.
Mailman asked the court to sell the Sablans’ 946-sqm land in Sinapalo, Rota—which they mortgaged to the SBA when they acquired the disaster loan sometime in 1988—if a possible favorable judgment by the court is not paid in full within three months after the issuance of that judgment.
The Sablan acquired the loan in March 1988, initially issuing a $26,200-promissory note. On the same day the note was issued, the Sablans modified the note to increase the principal amount of the loan to $39,600, the complaint showed.
LPP acquired interest over several SBA loans in July 2001. In Oct. 2003, LPP notified the Sablans that they were in default of their loan for failure to make the necessary monthly payments, Mailman said.
Mailman said the Sablans failed and refused to settle their obligation despite demand, prompting LPP to go to court.
