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Maverick, Attorney
Category: Bankruptcy Law
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Experience:  20 years of professional experience
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Here is another question for you. As you know I will be filing

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Here is another question for you. As you know I will be filing for a chapter 7, hoping to wait as long as possible. The SBA has the second mortgage. You have told me that the second mortgage gets whatever is left over after the foreclosure.(This is commercial property not my home) I have heard some horror stories about what they can do after the foreclosure, like sending it to the DEP, withholding social security etc. Is any of this true? Also, there may be an 11th hour sale. How do I get the payoff figure from Essential Capital Finance, the originating lender, an SBA certified Development Company. I have not heard from anyone regarding the second mortgage. Is there a web site that I can access to see how much I owe. I am a subscriber. Sorry for any confusion.

Welcome to Just Answer! My name isXXXXX very much enjoy what I do and I hope that you will benefit from this information.


Under FLA law, the following assets that you own are exempt from creditors in a BK:


You will notice that Soc Sec benefits qualify for as an exemption.


Send ECF a certified letter asking them to provide payoff info or:




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Customer: replied 5 years ago.


I still am not fully satisfied. cfortunato gave me precise answers. I hope you can do the same. I understand about the certified letter etc., however, the rest of the response does not address what will happen regarding the 2nd mortgage, what the sba can do after the forclosure, as per paragraph 1 before the Also question.

If you file bankruptcy then the SBA loan will be discharged under the chapter 7. In other words, you will get a fresh start and be able to keep all of your "exempt assets". Anything that you own over and the exemptions will be sold by the bankruptcy trustee for the benefit of the creditors.


Basically if yo file BK, the SBA cannot do anything further against you on the loan other that to take your non-exempt assets to satisfy the loan.


If you need a further clarification, just ask. Thanks.

Customer: replied 5 years ago.

So, in other words the SBA cannot invade my home after bankruptcy, obtain any judgements, writs of possession, writs of assistance, deficiency judgements etc.

Is this correct--since I have heard so many horrow stories.

After BK the SBA cannot do anything regarding any SBA loans that you disclose in the BK.


During the BK, the BK trustee will take everything that you own that does not qualify for an exemption under the link I gave you earlier.

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