Sba Release Of Lien Without Contract
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FAQ
Smaller loans like this don't require collateral or a personal guarantee, which means there's not much the SBA can do if a business closes. The government may seize federally held assets like income tax refunds, but they will not be able to seize your personal funds or assets owned by the business.
You'll need to submit an offer in compromise to the SBA and provide evidence that you are unable to repay your loan. The offer you submit must be something you can reasonably repay and usually as a lump sum. Both your lender and the SBA must agree to the offer in compromise.
The SBA will be willing to release the mortgage/lien so that the owner can be allowed to sell or refinance the property under the proper circumstances. However, cooperation is required. Commitment on the borrower's behalf is also necessary. The borrower must not receive any of the sales or refinance consideration.
GENERAL REQUIREMENTS (For All Loan Types): A detailed letter from the borrower(s) and/or guarantors (if any) signed and dated explaining the reasons for requesting that SBA release its lien on collateral. Explain why the SBA is not to be paid in full as a result of this transaction.
If you closed your business and have outstanding debt on a loan through the EIDL program of less than $25,000, there is little (if anything) the SBA can do to recover what you owe. Bankruptcy likely will not be necessary, but you should speak with a lawyer.
