SBA Lien Release For Consideration Attorneys
One strategy you may have chosen to address your SBA debt was to file for bankruptcy. You received your discharge, which absolved you of any personal liability for the SBA debt under your personal guarantee but you directly pledged your home as additional collateral for the SBA loan. Unfortunately, the Chapter 7 bankruptcy did not eliminate the lien on your home.
Many times, SBA debtors are under the mistaken belief that Chapter 7bankruptcy discharges the lien or maybe the SBA debtors were otherwise unaware of the SBA lien. Other situations where an SBA lien release for consideration may arise include the death of a spouse, who was the sole personal guarantor on an SBA guaranteed loan leaving the surviving spouse to try and resolve the SBA lien or a divorce wherein the non-liable spouse not only inherits the home, but also the SBA lien that runs with it.
Under certain circumstances, you may have the opportunity to negotiate a release of the SBA lien for consideration. In other words, you can offer to buy out the SBA lien. Several factors may go into what the amount of consideration will be, but the most important factor will be how much “equity” in the home is covered by the SBA lien. The SBA and/or third-party lender will appraise the fair market value of your home, the amount of any senior liens, and the projected recovery in a forced sale. Our SBA Attorneys possess the knowledge and experience to negotiate SBA lien releases for consideration in these scenarios.
Naturally, the SBA and/or the third-party lender will want to extract as much money as possible from you. It’s best to have experienced SBA Attorneys on your side to help protect your interests and try to prevent the SBA or the bank from taking advantage of you and foreclosing the SBA lien held against your home.
If you are faced with an SBA lien on your home, contact Protect Law Group today for a Case Evaluation.
Under certain circumstances, you may have the opportunity to negotiate a release of the SBA lien for consideration. In other words, you can offer to buy out the SBA lien. Several factors may go into what the amount of consideration will be, but the most important factor will be how much “equity” in the home is covered by the SBA lien. The SBA and/or third-party lender will appraise the fair market value of your home, the amount of any senior liens, and the projected recovery in a forced sale. Our SBA Attorneys possess the knowledge and experience to negotiate SBA lien releases for consideration in these scenarios.
Naturally, the SBA and/or the third-party lender will want to extract as much money as possible from you. It’s best to have experienced SBA Attorneys on your side to help protect your interests and try to prevent the SBA or the bank from taking advantage of you and foreclosing the SBA lien held against your home.
If you are faced with an SBA lien on your home, contact Protect Law Group today for a Case Evaluation.
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