06/18/12

Why Government Might Be The Biggest Challenge Facing Small Business [Infographic]

Why Government Might Be The Biggest Challenge Facing Small Business [Infographic]

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  1. I have two SBA liens on my property a duplex in Tustin, Ca. from a business loan caused by the earthquake in California in 1994. It was too little too late and I went bankrupt chapter 7 in 1997 at which time I lost my home, Rolls Royce, and everything of any saleable value. My bankruptcy attorney died at 42.
    I have a cancelation of debt from 1999 form 1099C saying I had to pay taxes on the amount forgiven from the SBA for bankruptcy. I gave them to my accountant when he did my taxes. I can only find one of the notices now.
    When I refinanced in 2005 it did not show. Now they are in first and the mortgage company in second. There was no mention of the SBA lien until months after.
    I have been trying for years to get a loan mod. I am paying 6.89% on over $250,000.00 to Nationstar mortgage. The SBA loan was originally $37,000 and $80,000. I owe them over $200,000 now and $16.00 plus interest every day.
    I sent the cancelation of debt to the SBA. They said I still have to pay. I was advised to make an offer in compromise. They sent a lot of pages-I did not know where to start.
    Can I get this SBA lien reduced with an offer in compromise? Can I get the money from a new home loan to pay it? The property has been appraised at approximately $465,000 which is what I owe. I have not been late on my loan since 1997.
    I am 73 years old-had 2 cancers-and I will not be able to work much longer. I had a roommate first but I had to move out to rent the side I was living in. I kept a garage with my things. I am almost homeless or I will be soon.
    My business is failing and my credit cards are rising.
    Is there anything that can be done?

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