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Texas firm runs after another delinquent loan
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Posted on Nov 20 2004
A Texas firm that acquired rights over numerous disaster loans extended by the U.S. Small Business Administration filed another lawsuit yesterday to collect on a delinquent account.
LPP Mortgage Ltd. filed with the Superior Court a civil action against Billy A. and Dorothy T. Billy.
LPP’s lawyer, Bruce Mailman, said the Billys still owe LPP some $26,978.51 plus interests.
Based on the complaint, the Billys acquired the disaster loan in January 1987—more than 17 years ago. At that time, the Billys issued the SBA a promissory note in the amount of $31,200 plus interest. The Billys modified the note in August 1997.
To secure the note, the debtor mortgaged two Saipan lots measuring 13,424-sqm and 3,021-sqm in February 1987. SBA assigned its rights over the note and the loan to LPP sometime in 2001.
Mailman said the Billys defaulted on the loan, prompting LPP to dispatch a notice about the default to the defendants last Sept. 22. He said the defendants refused to settle their debt despite demand.
Mailman asked the court to compel the defendants to pay their debt to LPP. Mailman also asked that the mortgaged lots be foreclosed if a possible judgment favorable to LPP is not satisfied within three months from the issuance of the court order.
