- Wait as long as you you can to do something. Stick your head in the sand, and pretend that your business isn’t crumbling. Hopefully the bank will forget about you, or perhaps take pity on you. Of course, I’m kidding. Failing to take action and be accountable to your lender sets the groundwork for litigation, or a transfer to the Treasury.
- Tell A Lie – If you intentionally omit assets or income, that’s the same as lying. Sure, you can play dumb, but bankers that have been doing SBA settlement for a while know that many people will try to slip one past them. Once you’ve been caught, it obviously kills any goodwill or trust that may have existing prior to that moment.
- Be Unrealistic – It’s not uncommon for people to come to me after having looked over my site, and tell me that they want to settle for 5 cents on the dollar like they saw in my testimonials page. They want to ignore the fact that they only owe $100,000, whereas the 5 cents on the dollar example owed $1 million. They also want to ignore the $50,000 of equity they have in their home. They also want to ignore their $500,000 salary. For all those who think like this, here is what I say: settlement amount is directly related to your personal finances!
Distressed Loan Advisors (http://www.JasonTees.com) offers expert advice about dealing with SBA Loan Default and Forgiveness, and can be reached at 1-877-436-4533 firstname.lastname@example.org.