I’m willing to be that when you found this site, you were not expecting there to be an article discussing the similarities between the SBA Offer In Compromise and pregnancy! So here it is: Once you decide to move ahead with an OIC, you need to be fully committed. Just like you can’t be a little bit pregnant, you can’t be kinda pursuing an OIC. Either you are, or you aren’t.
I have a client who hired me about 8 months ago. His bank was a real pain to deal with, and after months of back and forth, the bank agreed to terms of a settlement pending some documentation from the IRS. It’s been 6 weeks and my client has disappeared on me. He emails me every so often to let me know that he is working on it, but clearly its not been a priority. Granted, it sounds like the IRS has put him on hold for hours on end, but even with that hurdle, he has decided that its not worth his him to just suck it up and get it done.
If I offered this client $300,000 in cash to get his IRS paperwork, do you think he’d do it? I’d hope so. Yet, when he stands to get that amount forgiven, he can’t manage to get it done. And I’m baffled. And frustrated. Not only is he going to miss out on the settlement, it will surely be passed along to the US Treasury where it will remain for the rest of his life.
So what’s my point? It’s that if you are going to try to settle, you should make it your job to get all paperwork required assembled as quickly as humanly possible. Pretend you are making lots of money for doing a little work, because the truth is that’s exactly what’s happening. I mean seriously, if you are going to hire someone like me to help, by not following through you are wasting your money. It frustrates me because I get paid the majority of my fee ONLY upon settlement, so my client’s laziness not only hurts them, it hurts me.
Distressed Loan Advisors (http://www.JasonTees.com) offers expert advice about dealing with SBA Loan Default and Forgiveness, and can be reached at . or..
