SBA Default - 60 Day Demand Notice - Offer in Compromise "OIC" Options
by RyanBridgeMgt, Window Shopper
- Created: October 23, 2013, 3:18 pm
- Updated: October 30, 2013, 10:40 am
Many defaulted business owners that call me or email me are trying to figure out why so much time has gone by before they finally get a default notice from the SBA. The answer is simple, they are very busy and flooded with incoming SBA defaulted loans. I have clients that have been in default for over 3 years after their business was shut down and liquidated before they received any documentation from the SBA saying they have a default balance and must pay within 60 days. This is a very crucial point in time where you have a one chance opportunity to submit an Offer in Compromise "OIC" which allows you to negotiate a settlement for less than what you owe. This can be done in a one-time lump sum payment, or a payment plan paid over time. If you do not respond within the 60 day window, the SBA will pass this down to the US Department of Treasury which makes things MUCH more difficult. Responding as quick as possible once you receive the 60 day Default notice is most certainly in your best interest to prepare time to put a comprehensive package together to submit an acceptable Offer In Compromise. I am more than happy to answer any questions by email anytime. Ryan Lineham - Bridge Management Consulting
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