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Another case of delinquent disaster loan reaches court
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Posted on Oct 12 2004
Another lawsuit that seeks collection of a delinquent disaster loan originally acquired from the U.S. Small Business Administration has reached the Superior Court, with the filing of a civil action by a Texas firm yesterday.
WAMCO XXVIII, Ltd., which has acquired rights over the loan from the SBA, filed the suit against William S. and Diana C. Pangelinan, and Susana T. Castro.
WAMCO’s lawyer, Gregory J. Koebel, said the Pangelinans obtained a $59,700-loan from the SBA in May 1998. The Pangelinans consequently issued the SBA a promissory note, which they secured by getting Castro to mortgage her San Antonio lot.
WAMCO acquired the SBA’s rights over note in Jan. 2001, Koebel said.
In Aug. 2002, the Texas company filed a foreclosure complaint against the defendants at the Superior Court, which held the Pangelinans in default.
In Oct. 2003, Koebel said the defendants paid some $7,853.33 to WAMCO to update its payment on the loan as if no default had previously occurred.
However, the lawyer said the defendants again stopped making payments pursuant to the note, failing to make any payment since Dec. 28, 2003.
WAMCO sent the defendants notices of default last August and September, but Koebel said the defendants refused to settle their obligations.
As of Oct. 11, Koebel said the defendants owe WAMCO some $53,965.85.
Koebel asked the court that, should the court render judgment against the defendants and the latter do not settle within three months, the mortgaged lot should be foreclosed so that proceeds of an auction sale could satisfy the judgment.
