Lending company seeks foreclosure of land

Posted on Oct 29 2004

A lending company filed a lawsuit that sought the foreclosure of a mortgaged lot over an unpaid loan.

Isla Financial Services Inc. wants the Superior Court to compel Ignacio C. and Elizabeth R. Camacho to pay the company some $71,348.41 plus interest within three months after a possible favorable judgment.

If the Camachos fail to settle the debt within this period, the company wants the court to auction the 929-sqm San Vicente land that the debtors mortgaged to Isla Financial as collateral for the loan.

S. Joshua Berger, Isla Financial’s lawyer, said the Camachos mortgaged the land on Sept. 23, 1999 to obtain a $55,600-loan. As of July 12 this year, Berger said the Camachos’ debt rose to some $71,348.41 due to nonpayment and accumulating interest.

He said the company sent Ignacio C. Camacho a notice of default in July and August this year. He said the Camachos failed to cure the default.

Berger said the Camachos’ last payment of $300 was made last April 30.

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