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Acquiring An SBA Offer In Compromise After A Business Venture Fails

Small business owners may face serious financial difficulties. When these difficulties present issues such as foreclosure, the owner must take immediate action to prevent seizure of their property. An attorney helps these business owners acquire an SBA Offer in Compromise to prevent these issues.

What to Do When the Notification is Received

The business owner must take action as soon as they receive the SBA demand letter. They should bring the letter to their attorney for further review. The attorney needs the loan contract acquired by the business owner as well. The terms dictate what actions are possible to prevent foreclosure. These terms tell the attorney what they need to do to approach the lender to acquire the compromise and prevent further legal action.

Stopping the Foreclosure Process

An SBA loan foreclosure gives the lender the right to seize the property for sale. These government loans are secured by a guarantee that the business owner will pay at least a specific percentage. The loan documents dictate the total value of the guarantee. It may present the business owner with the opportunity to negotiate a reduced settlement. If they have generated equity in the property, the attorney could acquire this reduction easily.

Managing the Offer and Acquiring a Settlement from the Lender

Thea attorney acquires a guarantee for the settlement value. This prevents the lender from changing their mind and fighting against the business owner. The attorney helps the business owner manage the terms of the settlement and submit the required value without issues. They prevent further repercussions of an SBA loan default through these measures.

Handling Any Tax Offsets for the Company

Businesses that are in financial trouble may also face overwhelming tax liabilities. The attorney helps them through a Tax Offset Program. The program helps them to acquire a settlement through the IRS.

Small businesses need further assistance when they face foreclosure. An attorney helps them to manage government-backed loans. These loans require a specific value to settle them properly. They also provide extra protection for the borrower. Business owners who are facing adverse legal action including foreclosure should contact an attorney today.

We are here to help you with your SBA loan problems.

If you owe more than $30,000, call our experienced attorneys at (888) 303-6975 anytime for a Free Case Evaluation