Offer in Compromise. Will I lose my house if I am in default.
by dtod, Window Shopper
- Created: October 31, 2012, 3:48 pm
- Updated: October 31, 2012, 3:49 pm
It is entirely possible to lose your house to the SBA if you fail to respond timely and if there is equity.However the SBA would much prefer to resolve your defaulted debt with an Offer In Compromise which will afford you the opportunity to pay them a percentage of your equity over time, it is really a great opportunity to resolve the original debt with a discounted offer based on your personal net worth, and then pay it over 1-5 years. This works well, and can result in an excellent conclusion. Keep in mind if your spouse did not sign the guaranty only your half of the equity is available. Do not wait too long as if you do and the file is sent over to the US Treasury for resolution, you are sunk as they are not interested in compromising to the degree the SBA is. Jump on this fast, get professional help and enjoy what we call affordable losses instead of bone crushing disaster. Don Todrin, Second Wind Consultants Inc.
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