Small business owners have access to guaranteed financing to start their ventures, but sometimes they may face financial issues due to delinquent loan payments. In such cases, the SBA Offer in Compromise program can be a lifesaver, providing them with an opportunity to reduce the repercussions of loan default.
Identifying the Right Percentage for the Offer
A SBA offer is a percentage of the total loan value, and the borrower can leverage the fact that the loan is backed by the Small Business Administration. Submitting a settlement offer can prevent the potential damage caused by foreclosure, which can have lasting effects on the borrower’s ability to operate their business.
What to Do When You Receive the Demand Letter
Business owners who receive a SBA demand letter due to default must take immediate action. Contacting an attorney is the first step, who can provide effective strategies to prevent foreclosure and clarify the next steps.
Completing the Paperwork and Working with an Attorney
After contacting an attorney, the borrower must complete the paperwork for the SBA offer in compromise, which requests a legal settlement of the SBA loan default. The attorney can also provide assistance through a Tax Offset Program for any overdue tax payments. Working with an attorney can help the borrower acquire the most effective settlement and prevent SBA loan foreclosure.
Navigating the Tricky Waters of SBA Loan Guarantees
As a guarantor of the loan, the borrower is liable for the remaining balance if their business closes. The lender can pursue personal assets, such as foreclosing on property, garnishing wages, and levying bank accounts or other assets. To prevent financial ruin, professional services from experts like SolveDebt are required to navigate the tricky waters of SBA loan guarantees.
At SolveDebt, we have represented hundreds of borrowers in settling their personal guarantees with the SBA, excelling at reaching an affordable resolution without bankruptcy. We frequently arrange settlements with a no-interest payment plan, and with successful negotiation, any liens against real estate are removed, judgments are marked satisfied or withdrawn, and guarantors are released from their liability forever. Don’t take on the task alone; contact SolveDebt to help you move on with your life.
Contact SolveDebt for Effective SBA Offer in Compromise Services
Small business owners facing loan default need effective and professional assistance to prevent foreclosure and secure their credit. SolveDebt’s expert attorneys can manage an offer of compromise for them, providing clarity about effective strategies and securing the most effective settlement. Contact us today to move on with your life and prevent financial ruin.
Why You Should Act Quickly When Facing SBA Loan Default
Business owners facing SBA loan default must act quickly to prevent potential foreclosure and lasting damage to their credit. Once they are at least ninety-days delinquent, their lender can take legal action to seize their property. Foreclosure can have a lasting effect on the business owner and their ability to operate their business.
Why You Need an Attorney for SBA Offer in Compromise
Small business owners facing loan default and possible foreclosure require specific actions through an attorney who can help them acquire a SBA Offer in Compromise to settle their debt. An attorney can provide clarity about effective strategies to prevent foreclosure, navigate the paperwork for the SBA offer in compromise, and negotiate the most effective settlement.
The Importance of Professional Services for SBA Loan Guarantees
Navigating the tricky waters of SBA loan guarantees can be challenging, and professional services from experts like SolveDebt are essential. The lender can pursue personal assets, such as foreclosing on property, garnishing wages, and levying bank accounts or other assets. To prevent financial ruin, professional services from experts are required to ensure your package will be reviewed and accepted and to prevent the lender from taking aggressive actions.
Conclusion
Small businesses acquire government-backed loans to start new ventures, but sometimes they face financial issues due to delinquent loan payments. The SBA Offer in Compromise program can be a lifesaver for business owners facing loan default and possible foreclosure. Business owners who need help should contact SolveDebt, where our expert attorneys can manage an offer of compromise for them, navigate the paperwork, and negotiate the most effective settlement. Act quickly to prevent potential foreclosure and lasting damage to your credit, and contact SolveDebt to move on with your life and prevent financial ruin.