Previous Story
Another suit runs after delinquent disaster loan
|
Posted on Nov 12 2004
A Texas firm filed another lawsuit to collect on an unpaid disaster loan that was originally acquired from the U.S. Small Business Administration more than 17 years ago.
Lawyer Bruce Mailman earlier disclosed the high number of delinquent SBA loans that his law firm is pursuing on behalf of client LPP Mortgage. According to him, his law firm is handling at least 90 cases involving delinquent SBA loans.
LPP sued Nicolas C. and Maria A. Pinaula at the Superior Court to collect over $8,000 in unpaid principal of the loan plus interests.
Mailman said the Pinaulas executed on Jan. 20, 1987 a promissory note in the amount of $27,600 plus interests, after securing a disaster loan from the SBA. The Pinaulas mortgaged a lot on Capitol Hill, Saipan to secure the mortgage.
In 1991, the SBA assigned its rights over the note and the mortgage to LPP.
Mailman said that, since the defendants defaulted on their loan payment, LPP sent a notice to them to notify them of the default last April.
As of March 29 this year, Mailman said the unpaid interest was about $283.19, while the outstanding principal remained at $8,025.08.
The lawyer said the Pinaulas failed to settle the unpaid loan despite demand, prompting the filing of the lawsuit.
He asked the court to compel the Pinaulas to pay LPP the loan’s outstanding balance and interests. Mailman also asked that the mortgaged lot be foreclosed if a possible judgment favorable to LPP is not satisfied within three months from the issuance of the court order.
