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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
Records showed that CDA, on Dec. 4, 1998, issued the Rasa couple a direct loan in the amount of $478,674.<\/p>\n
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.<\/p>\n
In the Rasas\u2019 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.<\/p>\n
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.<\/p>\n
However, the couple has failed to make the promised payments.<\/p>\n
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.<\/p>\n
CDA issued two more loans to the Rasas: $321,326 on Dec. 4, 1998 and $136,160 on Nov. 10, 1999.<\/p>\n
Both loans were later consolidated, with a revised principal amount of $523,478.46.<\/p>\n
CDA said the couple had likewise failed to make the promised monthly payments.<\/p>\n
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.<\/p>\n","protected":false},"excerpt":{"rendered":"
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.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-92416","post","type-post","status-publish","format-standard","hentry","category-local-news"],"_links":{"self":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/92416","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/comments?post=92416"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/92416\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=92416"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=92416"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=92416"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}