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SBA Loan Default: Termination of Collection Action, Write-off and Close-out/Cancellation of Indebtedness

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SBA Loan Default: Termination of Collection Action, Write-off and Close-out/Cancellation of Indebtedness

After an SBA loan default, the SBA must take certain collection actions, the most common of which is referring the debt to the Department of Treasury for collection. However, in certain circumstances, the debt can be terminated or cancelled.

Resolving your SBA loan problem is not an easy road. But with proper legal representation, it can be accomplished. The following video explains termination of collection actions, write-offs and cancellation of debt. These are separate concepts in the SBA context. The SBA has the affirmative responsibility to try to collect delinquent debts that are owed to the agency, or referred to the

agency for collection. However, at some point in the collection process it may become evident that a debt is “uncollectible,” and it may be appropriate to terminate collection action, and/or write off

the debt.

https://youtu.be/YRUcYgIx81I

If you are facing an SBA loan default, contact us today for a FREE initial consultation with an experienced SBA workout attorney at 888-756-9969 or find us at www.sba-attorneys.com.

We will analyze your SBA loan problems and advise you on potential solutions such as an SBA offer in compromise for your SBA loan default.

Why Hire Us to Help You with Your Treasury or SBA Debt Problems?

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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

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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

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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.

$300,000 SBA 7A LOAN - SBA OIC TERM SETTLEMENT

$300,000 SBA 7A LOAN - SBA OIC TERM SETTLEMENT

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.

$337,000 SBA 504 LOAN - SBA OIC CASH SETTLEMENT

$337,000 SBA 504 LOAN - SBA OIC CASH SETTLEMENT

Clients personally guaranteed SBA 504 loan balance of $337,000.  The Third Party Lender had obtained a Judgment against the clients.  We represented clients before the SBA and negotiated an SBA OIC that was accepted for $30,000.

$220,000 SBA 7A LOAN -DOT WAIVER OF ADMINISTRATIVE FEES & COSTS

$220,000 SBA 7A LOAN -DOT WAIVER OF ADMINISTRATIVE FEES & COSTS

Clients personally guaranteed an SBA 7(a) loan that was referred to the Department of Treasury for collection.  Treasury claimed our clients owed over $220,000 once it added its statutory collection fees and interest.  We were able to negotiate a significant reduction of the total claimed amount from $220,000 to $119,000, saving the clients over $100,000 by arguing for a waiver of the statutory 28%-30% administrative fees and costs.

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