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Suits over disaster loans flood court
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Posted on Oct 10 2004
Lawsuits that seek collection of unpaid disaster loans are flooding the Superior Court’s docket, with the filing of another case by a Texas company that has acquired rights over the loans from the U.S. Small Business Administration.
LPP Mortgage Ltd. sued Norbert B. and Mary Ann Camacho in court last week to collect on over $6,000 pertaining to a loan and interests.
Lawyer Bruce Mailman has also filed other cases on behalf of LPP, which acquired from the SBA rights over numerous delinquent disaster loans sometime in 2001. Last week, the LPP also sued a couple over unpaid disaster loans.
Mailman said the Camachos issued an $11,200-note in favor of the SBA in Feb. 1987, in connection with their acquisition of a loan. To secure the note, the Camachos mortgaged a Kagman lot to the SBA, he said. In June 2001, the SBA assigned its rights over the loans.
Mailman said the Camachos defaulted on the loan, prompting LPP to send a corresponding notice to the defendants in Sept. 2003. The defendants did not settle their obligation despite the demand, Mailman said.
As of Sept. 8, the defendants allegedly owe LPP some $5,741.60, exclusive of interest, which has already increased to $326.
Mailman asked the court to award LPP the amount of the unpaid loan and interests that it could assess against the Camachos. If the Camachos would not fully pay the possible monetary judgment that could be rendered by the court, Mailman sought the mortgaged lot’s foreclosure. (John Ravelo)
