Are you currently dealing with an SBA Lien? Our team at Protect Law Group is here to keep you informed to help you take back control of your assets. Learn more today!
Book a Consultation CallDealing with SBA debt can be a daunting task for borrowers. One aspect that often causes confusion is the process of SBA lien release. In this blog, our team at Protect Law Group aims to demystify the SBA lien release process and provide borrowers with the information they need to navigate this crucial aspect of their SBA debt.
SBA lien release is the process by which the SBA removes their claim on a borrower's assets, such as a home or business property, that were pledged as collateral for the SBA-guaranteed loan. This step is crucial for borrowers looking to regain control over their assets, as it ensures that the SBA no longer has a legal claim on the property.
The SBA considers several factors when deciding whether to release a lien. These include the value of the property, senior liens, and the potential recovery in a forced sale. Borrowers must understand these considerations to present a compelling case for lien release.
When seeking a lien release, borrowers should approach the SBA with a well-prepared case that highlights the equity in their assets and the potential for a fair settlement. It is essential to gather documentation and evidence that supports your position and demonstrate your willingness to resolve the debt.
Engaging legal representation is crucial to facilitate smoother lien release procedures. SBA loan attorneys specialize in navigating complex debt situations, negotiating with the SBA and lenders, and protecting borrowers' interests. They possess the knowledge and experience necessary to advocate for borrowers effectively and prevent potential abuses by the SBA or lenders.
Understanding the SBA lien release process is vital for borrowers seeking business debt relief and SBA loan help. Seeking guidance from experienced SBA loan attorneys ensures borrowers have the support and expertise needed to navigate the complexities of SBA lien release successfully. Take proactive steps today to protect your assets and secure a brighter financial future by partnering with Protect Law Group.
Millions of Dollars in SBA Debts Resolved via Offer in Compromise and Negotiated Repayment Agreements without our Clients filing for Bankruptcy or Facing Home Foreclosure
Millions of Dollars in Treasury Debts Defended Against via AWG Hearings, Treasury Offset Program Resolution, Cross-servicing Disputes, Private Collection Agency Representation, Compromise Offers and Negotiated Repayment Agreements
Our Attorneys are Authorized by the Agency Practice Act to Represent Federal Debtors Nationwide before the SBA, The SBA Office of Hearings and Appeals, the Treasury Department, and the Bureau of Fiscal Service.
Client personally guaranteed SBA 7(a) loan for $350,000. The small business failed but because of the personal guarantee liability, the client continued to pay the monthly principal & interest out-of-pocket draining his savings. The client hired a local attorney but quickly realized that he was not familiar with SBA-backed loans or their standard operating procedures. Our firm was subsequently hired after the client received the SBA's official 60-day notice. After back-and-forth negotiations, we were able to convince the SBA to reinstate the loan, retract the acceleration of the outstanding balance, modify the original terms, and approve a structured workout reducing the interest rate from 7.75% to 0% and extending the maturity date for a longer period to make the monthly payments affordable. In conclusion, not only we were able to help the client avoid litigation and bankruptcy, but our SBA lawyers also saved him approximately $227,945 over the term of the workout.
Client personally guaranteed SBA 7(a) loan balance of $58,000. The client received a notice of Intent to initiate Administrative Wage Garnishment (AWG) Proceedings. We represented the client at the hearing and successfully defeated the AWG Order based on several legal and equitable grounds.
Clients personally guaranteed SBA 504 loan balance of $750,000. Clients also pledged the business’s equipment/inventory and their home as additional collateral. Clients had agreed to a voluntary sale of their home to pay down the balance. We intervened and rejected the proposed home sale. Instead, we negotiated an acceptable term repayment agreement and release of lien on the home.
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