Previous Story
Delinquent CDA borrower sued
|
Posted on Sep 29 2004
The Commonwealth Development Authority filed another foreclosure proceeding with the Superior Court, suing a man for unpaid loans and interests amounting to over $724,000.
CDA lawyer F. Matthew Smith filed the civil action against Antonio M. Camacho, who had mortgaged to the agency a 4,000-sqm land on Saipan and other movable properties to secure the promissory notes he had issued in connection with the loan transactions.
In the lawsuit, Smith said Camacho first acquired a $360,000-loan from the CDA in May 1990. In June 1991, Camacho obtained another loan in the amount of $22,295.35. The CDA and Camacho agreed to consolidate the loans for a new principal amount of $406,714.89 at that time.
The consolidated loans underwent several revisions over time. In Jan. 2001, the sixth revision of the consolidated loans resulted in a new loan principal amounting to $554,349.97.
“Despite repeated demands, [Camacho] continues to fail to make the promised payments obligated under the consolidated, revised and extended notes, loans and mortgaged documents,” Smith said.
He said the CDA sent Camacho a notice of default in April 2003. As of Aug. 31, 2004, Smith said Camacho owes the CDA a total of $724,140.05, inclusive of interest and penalty charges amounting to $161,139.61 and $8,650.47, respectively.
Smith asked the court to compel Camacho to pay his obligation to the CDA. He asked the court to foreclose the mortgaged land and seize the movable properties that Camacho used to secure the loan.
