Can Bank Accounts Be Garnished in an SBA Loan Default?

Can Bank Accounts Be Garnished in an SBA Loan Default?

Many clients ask us “Can bank accounts be garnished in an SBA loan default?” Simply put, yes they can. So here is what you need to know if you are at risk of being garnished in an SBA loan default.

When your business enters into default with your creditors and begins settlement or workout discussions, it is important that you take steps to protect your bank accounts. Creditors have a ...

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Qualify for an SBA Loan Modification or Loan Deferment

Qualify for an SBA Loan Modification or Loan Deferment

Negotiating an SBA loan modification or a deferment is an art – not a science. It is a delicate dance between the borrowing business, the guarantors, and the lender. The business needs to prove it is in need of assistance, but it also needs to demonstrate that it is still a viable business capable of repayment. Show too much distress, and the lenders deny the request and will likely elect ...

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SBA Lien on house – Will I Lose My Home in a Default?

There’s an SBA Lien on My House

Am I Going to Lose My Home in a Default?

So you’ve defaulted on your business loan, and the SBA lien on your house is making you feel uneasy. Are you going to lose your home via foreclosure?

The simple answer is this: it depends on the numbers.

Let’s face it, if you are a small business owner that has received SBA guaranteed financing, the chances are that the lending bank, in conjunction with ...

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Strip Off Subordinate SBA Lien or Mortgage On Home

Can You strip Off a Subordinate SBA Lien or Mortgage On Your Home?

This is a huge issue which we frequently confront on many different fronts. Let’s assume an SBA loan was not used to purchase the property. Also assume that it is also a subordinate loan attached to the property by some vehicle that secures the loan in the event there is a breach in payments such as a lien or even a deed in trust. Many may ...

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How to Workout a Defaulted SBA Guaranteed Loan

What Can Be Done to Workout a Defaulted SBA Guaranteed Loan?

One must be knowledgeable and experienced in working out SBA guaranteed loans to launch a meaningful defense and a potent offense capable of succeeding. Many procedural requirements must be satisfied to reach a result where debt is forgiven.

If you are reading this post, you undoubtedly have an SBA guaranteed loan and are having problems supporting the monthly payments.
Please read this post and many other related posts on ...

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