Hi - there were a few typos that I need to correct. I've got a new computer and my fingers are too fat for the keys!! I apologize for the mistakes.
Here it is again:
Just because the loan has been written off doesn't mean that the debt has been cancelled. Instead, this means that the creditor has given UP on trying to recover the debt, and it has possibly sold the debt to a third party.
If you want to keep your home, you'll have to continue to make the payments, but you also need the lender to reinstate your loan and have it showing as being in good standing on your credit report.
SBA loans are different because they're government debts and have a bunch of weird regulations and requirements that you would not face with a traditional loan.
Therefore, I would recommend that you ask your contact at the SBA to send you something in writing stating what you need to do to reinstate the loan and to provide some type of agreement that you can sign stating that your loan will be reinstated after you make the agreed payments.
Until you do this, the lender could technically foreclose on your property at any time. Even if you've missed one payment, the lender can foreclose. Thus, you need to get something worked out and get it in writing so you have a guarantee that if you make the payments as agreed, you'll have a fully reinstated loan.
Thus, your next step is to ask the SBA to give you something in writing that says if you make these voluntary payments that your loan will be reinstated.