A You Need to Know About SBA Loans
What’s the worst thing that can happen in case of an SBA loan default?
There are some very dire consequences if you default on SBA loans. Your house could end up being put up for foreclosure if it has equity. They can even go as further as shutting down your business and sell all of your equipment. You could also be served with a subpoena to give information and can be arrested by the police in some states in you don’t respond to it. In short, SBA loan default is bad, and you should be proactive in settling.
Does my settlement offer go through my creditor or straight to the SBA?
This concern will depend on whether or not your file has been forwarded to the SBA. In cases of SBA loan default, the creditor continues handling the matter until they …read more >