SBA Loan Default: SBA to Increase Enforcement Efforts?
We help people who need to avoid SBA loan default by teaching them about SBA offer in compromise and about various SBA loan problems.
Small business owners could acquire assistance through local attorneys. This assistance could prevent them from suffering through financial ruin. It presents them with the opportunity to gain an SBA Offer in Compromise. These options could eliminate the possibility of seizure and foreclosure.
An SBA loan default occurs when the borrower is more than ninety days delinquent on their loan. After the loan is in default, the lender has the right to begin the seizure of the identified collateral. The collateral is any property or assets used to secure the loan. It is primarily the building or machinery that was purchased through the funds provided by the loan.
A default could also lower the borrower's credit score. This could make it difficult for the company to acquire new lines of credit. It could make it impossible for them to acquire a low-interest loan for business purposes.
Once the borrower acquires the SBA demand letter, they must take immediate action. Any failure to take action could lead to negative legal action. This could include the foreclosure of the property or a lawsuit to collect the full balance of the loan.
The borrower should contact an attorney to evaluate their options. The attorney could determine if an SBA offer of compromise is possible. This opportunity could allow the borrower to pay a small value without suffering the negative consequences of default.
An SBA loan foreclosure could lead to the end of the company. If the business owner loses their property through foreclosure, it is not likely that they will receive another loan. This could prevent them from reopening their doors after the settlement offer is accepted.
Local small business owners need help reducing the negative impact of a default. An attorney helps them with these opportunities by determining if an SBA offer in compromise is available to them. This opportunity could reduce the full value of the loan and make it more affordable. Business owners who wish to enter into a Tax Offset Program or acquire an offer in compromise should contact an attorney now.
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.
Clients personally guaranteed an SBA 7(a) loan. The SBA referred the debt to the Department of Treasury, which was seeking payment of $487,981 from our clients. We initially filed a Cross-Servicing Dispute, which was denied. As a result, we filed an Appeals Petition with the SBA Office of Hearings and Appeals asserting legal defenses and supporting evidence uncovered during the discovery and investigation phase of our services. Ultimately, the SBA settled the debt for $25,000 - saving our clients approximately $462,981.
Client personally guaranteed SBA 504 loan balance of $375,000. Debt had been cross-referred to Treasury at the time we got involved with the case. We successfully had debt recalled to the SBA where we then presented an SBA OIC that was accepted for $58,000.
Clients personally guaranteed SBA 7(a) loan balance of over $300,000. Clients also pledged their home as additional collateral. SBA OIC accepted for $87,000 with full release of lien against home.
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