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- Isn’t floor plan financing available through GMAC?
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- Are there some servicing actions that must receive prior approval by SBA?
- Does SBA have to approve these payment modifications?
- Can payment modifications be made to loans sold on the Secondary Market?
- What provisions of SBA’s SOP address these payment modifications?
- What types of payment modifications are available in connection with an SBA guaranteed loan?
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Entering a 7(a) Loan Into Liquidation
See the information below from SBA and the National Guaranty Purchase Center on entering a 7(a) loan into liquidation.
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How to request liquidation status transfer The process begins when you notify SBA to reclassify a loan into liquidation status. Therefore, before any action can be done at the NGPC the loan will have to be transferred into...
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Reporting Requirements There is a dual reporting requirement on loans in liquidation. On a monthly basis, all SBA loans are reported on the SBA 1502 report. When the loan is transferred into liquidation status, please...
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Requesting Reimbursement for Care and Preservation Expenses Due to the success of the NGPC 10 Tab Purchase System, the NGPC has developed a CPC Tab System designed to standardize and simplify the CPC request process. It is hoped...
