Frequently Asked Questions
Home - About Us - Services - FAQ - Blog - Get An SBA Loan - Contact Us - Testimonials / Results
Do I need an attorney to settle my SBA debt?
Debt settlement is largely a financial matter, so in most cases you need to work with a finance expert, preferably someone with extensive SBA experience. The truth is that if an attorney doesn't have SBA workout experience, they'll be learning the process as they go, which could be costly to you We've written an entire article about this topic. Click here to read it.
Do you only handle SBA loans?
While we specialize in the SBA modification and settlement (OIC) process, we also offer expert advice when it comes to modifying and settling conventional business loans when the client also has an SBA loan.
Will I lose my home if I default on my loan?
Whether a lender will foreclose on your home will depend on a number of factors: Is there equity in the home? Is the home pledged as collateral? Have you cooperated with your lender? Generally speaking, if there is no equity in your home, a small business lender will not want to incur legal costs if it won't result in cash. Many lenders try to avoid foreclosing on a borrowers personal residence, and will release a lien if a borrower can offer cash close to the value of the equity a lender has.
Is it possible to settle my business debt?
Yes, the SBA does have and Offer In Compromise process. In order to consider this debt settlement procedure, the business in question must be closed (certain exceptions do exist), and all business assets must have already been liquidated. Only then will the SBA consider settling the remaining debt.
Should I declare bankruptcy?
Bankruptcy is generally considered to be an alternative of last resort due to the impact it has on personal credit and future borrowing prospects. An SBA Offer In Compromise typically has no adverse credit impact.
I just don't want to deal with it anymore, can you do it for me?
Yes! We can negotiate with lenders on your behalf when it comes to an Offer In Compromise or loan modification. We'll make sure that you know all your options so you can make the most informed decision possible.
For answers to many more questions, please read the SBA Default Blog
Toll Free 1-877-436-4533