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Texas firm runs after another delinquent SBA loan
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Posted on Nov 27 2004
Another lawsuit that seeks to collect on a delinquent Small Business Administration disaster loan landed at the Superior Court.
Texas company LPP Mortgage Ltd. sued Vicente T. and Debra D. Teregeyo.
LPP’s lawyer Bruce Mailman, said the Teregeyos issued a promissory note in the amount of $24,800 plus interest in favor of the SBA on Jan. 20, 1987.
The Teregeyos mortgaged two parcels of 677-sqm lots in Navy Hill to secure the note, Mailman said.
In 2001, LPP acquired rights over notes and delinquent disaster loans from the SBA.
Mailman said a notice of default was sent to the Teregeyos in May 2004, but the defendants allegedly refused to pay their outstanding balance of over $20,000 plus close to $7,000 in interest.
Mailman asked the court to compel the Teregeyos to pay LPP the unpaid portion of the loan plus interest. The lawyer also asked the court to foreclose the mortgaged lot so it could be auctioned to generate proceeds to satisfy a possible favorable judgment for LPP, if the Teregeyos fail to fully pay within three months after the issuance of that court ruling.
The lawyer has filed several cases to collect on delinquent disaster loans originally obtained from the SBA. He earlier said his law firm is handling some 90 cases on behalf LPP, which had acquired rights over the loans from the SBA.
