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Dwayne B.
Dwayne B., Attorney
Category: Real Estate Law
Satisfied Customers: 33404
Experience:  Began practicing law in 1992
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Is there a statue of limitation against the SBA concerning

Customer Question

Is there a statue of limitation against the SBA concerning Hurricane Katrina disaster loans? After 11 years I've just had a lien put on me by SBA collection company. I'm told there is no statue of limitation on collection of this dept. After reviewing my miles of paperwork, I found more critical errors made by the SBA which caused me to lose my home. I'm ready to fight if possible.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Dwayne B. replied 1 year ago.

Hello and thank you for contacting us. This is Dwayne B. and I’m an expert here and looking forward to assisting you today. If at any point any of my answers aren’t clear please don’t hesitate to ask for clarification. Also, I can only answer the questions you specifically ask and based on the facts that you give so please be sure that you ask the questions you want to ask and provide all necessary facts. Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.

There is no statute of limitations on the SBA bringing a lawsuit. However, there is one on someone bringing a lawsuit against the SBA. The statute of limitations varies depending on what the lawsuit is based on and where the lawsuit is being filed.

Customer: replied 1 year ago.
I live in CA and it is now 11 years since Katrina. The SBA caused my family to lose our new property in CA after changing our disaster to a disaster relocation loan. We repaired/rebuilt our home in New Orleans and put it up for sale. After sale of the home we received $94,000 after paying off mortgage and making all repairs out of pocket. After receiving two disbursements and putting using our $94,000 to buy new property in CA, the SBA cancelled the remaining amount of our promised loan to start construction. We lost everything including deeding the property back to owner in lieu of foreclosure. The SBA counted the $94,000 as profit even though we produced receipts for flood damage. We received a total of $29,000 of the $139,000 promised loan. SBA even refused to change our monthly terms based on the $139,000 @ 3% for 30 years.
Expert:  Dwayne B. replied 1 year ago.

I don't understand how the SBA caused you to lose your home. Would you mind explaining?

Also, explain all of the elements of damages that you believe you have.

I will be going offline in a few minutes and will pick back up tomorrow morning.