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It go through my lender or directly to the SBA? When I make a settlement offer, does

Monday, July 13th, 2020

It go through my lender or directly to the SBA? When I make a settlement offer, does

This will depend. The lender will service the loan until they feel that all avenues have been exhausted in most situations. After the lender reaches that point, the file is “wrapped up” and referred to your SBA for further collection efforts. When the matter is called towards the SBA, the borrower and guarantors will typically get a page through the SBA.

In the event that you get this kind of page straight from SBA (often known as a “ 60 day letter ” page), your loan provider may no further be engaged within the settlement, and you’re able to deal straight aided by the SBA. (more…)