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I will likely butcher the terminology, but I defaulted on an SBA loan in November. The banker that handled our loan for the SBA locally called me yesterday to let me know all the assers have been sold and they have determined the final amount we owe. And that we can not pay it, they have their in house council drafting deliqnuency paperwork, to send us , and SBA? not sure.
My real question is, what kind of timing are we talking about (generally) for anything else to happen. Will the SBA file a lawsuit for the money owed, will they attempt to foreclose on the home that I signed over in the personal guarantee?
I am going to hire an attorney, I was just hoping there would be a correction in real estate pricing so I could do a subchapter V. But I might be stuck with Chapter 7. THe other reason I haven't hired the attorney for Subchapter V is they want like 7K upfront, and monthlies of a few K, which would be worth it if I knew it was going to work, but based off what I am reading, I will owe too much on the house that I won't be able to meet the oayments required. So I feel like it is a waste of 10K+ if I am just going to file Chapter 7
I am assuming that the SBA loan is a second lien against your home. How much equity is in the home after deducting the first lien? How much is owed to the SBA?
Des.