The Ulechongs obtained from MPLT a loan of $85,000 on April 11, 2001.
The promissory note was secured by a mortgage on a 752-square meter land on Lot 011 G 1414, as described on Cadastral Plat No. 911025, the original of which was recorded on Oct. 10, 1996 as Document No. 96-2568 at the Commonwealth Recorder’s Office.
A notice of default was sent to the Ulechongs via certified mail on Oct. 15, 2007 but was unclaimed.
MPLT then sent a mortgage forbearance and payment negotiation letter which was again returned unclaimed.
In its complaint, MPLT is asking for the following: the principal amount on the promissory note, a pre-judgment interest of $952.30 at 2 percent interest from Jan. 15, 2003 to July 21, 2009, pre-judgment interest at 2 percent from July 22, 2009 to date of judgment, and post-judgment interest of 9 percent per year from date of judgment.
MPLT also wants the real property sold in accordance with the law, and the proceeds of the sale applied to the payments of the balance due upon judgment.
