CDA sues to collect on $47K commercial loan

The Commonwealth Development Authority is suing former Department of Public Safety deputy commissioner Ambrosio T. Ogumoro, his brother police Captain Aniceto Ogumoro, Gung Ho Inc., and others for allegedly failing to pay over $47, 000 in commercial loan plus accrued interest and penalty charges.

Named co-defendants were Erna O. Ngirchongor and Rep. Felicidad K. Ogumoro.

Felicidad Ogumoro was included in the lawsuit because she and Ambrosio Ogumoro allegedly mortgaged to CDA a property situated in Capital Hill to secure the loan.

CDA asked the Superior Court to issue a judgment holding Gung Ho Inc., Ambrosio Ogumoro, Aniceto Ogumoro, and Ngirchongor jointly liable to pay the principal of $47,043.03, plus accrued interest of $183.02, plus penalty charges of $64.56, plus any additional amount of accrued interest, and for attorney’s fees and court costs.

CDA wants the court to order the sale of the defendants’ property and for the proceeds to be applied to pay the debt.

CDA counsel F. Matthew Smith stated in the complaint that CDA extended a commercial loan to Gung Ho in the principal amount of $35,000 on Dec. 19, 2002. In return, Smith said, Gung Ho agreed to repay the loan plus interest at 9 percent per annum.

Gun Ho agreed to repay the direct commercial loan in monthly installments, beginning Jan. 19, 2003, and continuing until the loan was paid in full on Dec. 19, 2007.

Smith said that in order to obtain the loan for Gung Ho, the Ogumoro brothers and Ngirchongor promised to pay CDA if Gung Ho defaults on the loan.

The lawyer said that, on June 3, 2011, at Gung Ho’s request, CDA revised and extended the loan, making a new principal amount of $48,548.80, with new monthly payments and a new maturity date of June 3, 2041.

Smith said the Ogumoro brothers and Ngirchongor agreed to the revision.

Smith said Felicidad Ogumoro never signed the mortgage extension agreement and that Ambrosio Ogumoro told CDA that Felicidad has no interest in the mortgaged property.

Smith said the defendants have continued to make sporadic monthly payments, the last payment being made on Aug. 22, 2014.

Smith said despite repeated demands, Gung Ho, the Ogumoro brothers, and Ngirchongor continue to fail to make the promised payments required under the promissory notes, loan, mortgage and guaranty documents.

As of August 2014, Smith said, CDA is owed $47,043.03, plus accrued interest of $183.02, plus penalty charges of $64.56, for a total of $47,290.61, with interest at 2 percent per annum.