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Updated over 6 years ago,
Anyone with advice on a SBA loan default with Personal guarantee?
Hello,
I business bankruptcy led to a default on a SBA loan that I wrote a personal guarantee on my home to secure. The guarantee is still in effect even though the property is worth less than the mortgage on it, let alone the $600K SBA Loan.
Is there a way to strip the SBA lien since there is no worth to it? Can the SBA lender be negotiated with to accept less $? Can I sell the property and leave the guarantee?
Is there any hope for me to keep my home, otherwise I am renting from the bank in perpetuity.