What is the name of your state (only U.S. law)? FLorida
I am in default with my SBA loan. There is not a bank involved. It was a disaster loan after hurricane Charley back in 2004. DIRECTLY THROUGH THE SBA, thats who I was paying. Original amount was $192,000. I had one year before I had to start my payments, Which I did on time for 3 years. I am in the marketing and advertising business, mostly direct mail sales for car dealers, need I say more.
I filled (not my wife) personal BK last year 2008 it was confirmed Feb 2009. I have been in default with the SBA for several months. They called quite a bit, now they sent it from the Atlanta Disaster region to California to the "settlement" department. I am in the mist of finishing, with the help of a nonprofit organization, an Offer in Compromise.
I have closed my business, sold my office furniture, etc. I t was a one man operation so there was not machinery or anything like that. Only got $825 for what I had. I have the check made out to SBA for that amount in my paperwork.
I do not have any money to offer thouh we are going to offer $2,500. Will figure something out should they accept that.
I had a professional appraisal on my home, it is about $$70,000 upside down. The SBA loan officer at the time of the loan assured and reassured both my wife and I that this loan would never show up on our credit no matter what.
Can someone tell me what I might expect them to come back with or what may happen since I do not have anything substantial to offer them. My cash flow is +$37 a month. You can't get blood from a stone... I don't think but it is the Federal Government.What is the name of your state (only U.S. law)?What is the name of your state (only U.S. law)?
I am in default with my SBA loan. There is not a bank involved. It was a disaster loan after hurricane Charley back in 2004. DIRECTLY THROUGH THE SBA, thats who I was paying. Original amount was $192,000. I had one year before I had to start my payments, Which I did on time for 3 years. I am in the marketing and advertising business, mostly direct mail sales for car dealers, need I say more.
I filled (not my wife) personal BK last year 2008 it was confirmed Feb 2009. I have been in default with the SBA for several months. They called quite a bit, now they sent it from the Atlanta Disaster region to California to the "settlement" department. I am in the mist of finishing, with the help of a nonprofit organization, an Offer in Compromise.
I have closed my business, sold my office furniture, etc. I t was a one man operation so there was not machinery or anything like that. Only got $825 for what I had. I have the check made out to SBA for that amount in my paperwork.
I do not have any money to offer thouh we are going to offer $2,500. Will figure something out should they accept that.
I had a professional appraisal on my home, it is about $$70,000 upside down. The SBA loan officer at the time of the loan assured and reassured both my wife and I that this loan would never show up on our credit no matter what.
Can someone tell me what I might expect them to come back with or what may happen since I do not have anything substantial to offer them. My cash flow is +$37 a month. You can't get blood from a stone... I don't think but it is the Federal Government.What is the name of your state (only U.S. law)?What is the name of your state (only U.S. law)?
