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CDA sues couple for nearly $900,000 in unpaid loans
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Posted on Jul 27 2005
The Commonwealth Development Authority has sought the foreclosure of mortgaged properties owned by a local couple and three lessees over non-payment of almost $900,000 in loans.
CDA, through attorney F. Matthew Smith, asked the Superior Court to order spouses Ricardo C. and Teresa R. Rasa to pay their $893,823.93 loans to CDA, plus a total of $284,063.91 in interests and $11,478.85 in penalty charges.
CDA also wanted any mortgaged chattels or other security or accounts seized or sold by CDA, including three fishing boats, a utility vehicle, and fishing equipment, supplies, and accessories.
Records showed that CDA, on Dec. 4, 1998, issued the Rasa couple a direct loan in the amount of $478,674.
To obtain this loan, the couple mortgaged a 35,116-square meter land, later leased to Hyung Tae Yoon, Kyung Yang A. Yoon, and Jun Soo Park. Also mortgaged were three fishing boats, one 21-foot fishing boat, utility vehicle, all fishing equipment, supplies, and accessories.
In the Rasas’ promissory note, the couple agreed to repay the direct loan, plus an annual interest at 5 percent, in set monthly installments beginning Aug. 4, 1999 and continuing until the loan was paid in full on Dec. 4, 2018.
On Nov. 30, 2000 at the request of the couple, CDA revised the loan, making the new principal amount of $370,345.47 with new monthly payments.
However, the couple has failed to make the promised payments.
As of July 5, 2005, the couple owed CDA a total of $411,072.96, including the principal amount of $370,345.47, accrued interest of $36,703.72, and penalty charges of $4,023.
CDA issued two more loans to the Rasas: $321,326 on Dec. 4, 1998 and $136,160 on Nov. 10, 1999.
Both loans were later consolidated, with a revised principal amount of $523,478.46.
CDA said the couple had likewise failed to make the promised monthly payments.
As of July 5, 2005, the defendants owed CDA a total of $741,590.01 for the consolidated loan, including the principal amount, plus an accrued interest of $210,656.45 and penalty charges of $7,455.08, CDA said.
