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My son has a judgement from the SBA against his condo

Customer Question
My son has a...

My son has a judgement from the SBA against his condo because he got cancer and lost both of his businesses. We have heard that they oftentimes will negotiate the amount but can't find a way to contact them. A friend who is a lawyer said you have to wait until they foreclose and then you can negotiate with them. Is there anyway to know this before we got into foreclosure?

Lawyer's Assistant: Since laws vary from place to place, what state is this in? And has any paperwork been filed?

Washington. No filing yet. He has been working with a non-profit that is going to help him with all of his back payments while he was sick. If he makes 3 payments, then if the SBA wants to collect the money, they will start foreclosure then. We are wondering whether it is worth it to pay these 3 payments or should we just let the condo go. We want to keep it if they would negotiate a reasonable payment. But we can't get ahold of them or a lawyer that would find out for us. The judgment is for $350,000. The condo has equity of $150,000

Lawyer's Assistant: Has anything been filed or reported?

There is a judgment in the courts for him from the SBA. Is that what you mean?

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

What is the fee for this? And I think we would need a lawyer that is knowledgeable about real estate law

Submitted: 4 months ago.Category: Real Estate Law
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Answered in 5 minutes by:
12/27/2017
Real Estate Lawyer: Legal Eagle, Lawyer replied 4 months ago
Legal Eagle
Legal Eagle, Lawyer
Category: Real Estate Law
Satisfied Customers: 11,468
Experience: Licensed to practice before state and federal court
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Hello! I am a licensed attorney, admitted to practice in state and federal court. I have a nearly 100% satisfaction rating (click here for more info) so all that means is that you can count on me to help today. Because I want to provide you with the most accurate answer possible, do you mind if I take a moment to review your question?

Please keep in mind that our conversation does not include an attorney-client relationship and this is for general information purposes only.

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Real Estate Lawyer: Legal Eagle, Lawyer replied 4 months ago

Thanks for your patience. If I may clarify, you're saying the small business administration has a judgment against your son and you're saying that they may foreclose on his home if he doesn't make payment soon, correct?

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Customer reply replied 4 months ago
I just talked to my son. Due to cancer, he has gone through a bankruptcy and it now discharged. He got a loan modification What we need to know is how to find out what liens/judgments are on his condo and how to either have them removed or negotiate with the parties. It is time sensitive as he has gone through a loan modification process and needs to know whether to keep the property and make the payments or let it go now.
Customer reply replied 4 months ago
I don't want to call as I am not sure you can help me. My son said forget the SBA. Just focus on asking how we find out what leins are on the property and how to negotiate with them.
Real Estate Lawyer: Legal Eagle, Lawyer replied 4 months ago

Thanks for clarifying. Have you contacted a title search company to search for potential liens and judgments?

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Real Estate Lawyer: Legal Eagle, Lawyer replied 4 months ago

Oh, that’s not a problem with the phone call. The system automatically asks if you want one, but there is no problem declining the request.

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Customer reply replied 4 months ago
WE had a friend do that and he said there are two judgments on it. Not sure why my son asked to find out if there are more. Mainly what I want to know is how to get a hold of them to negotiate before he starts making all of these monthly payments only to lose the condo. Because of cancer his funds are very limited.
Customer reply replied 4 months ago
We have tried to get a hold of the SBA with no luck.
Real Estate Lawyer: Legal Eagle, Lawyer replied 4 months ago

I see what you mean. If you don't mind, could you briefly describe what they told you or why they couldn't help you?

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Customer reply replied 4 months ago
WE haven't even been able to get a hold of them. The bank whichhe got the SBA loan from won't even return his calls and emails. He finally went over to the bank and they said he had to talk to the SBA representative and they didn't know when he would be there again.
Real Estate Lawyer: Legal Eagle, Lawyer replied 4 months ago

Interesting. Unfortunately, I don't know have any special insight on how to contact these organizations. It could be a variety of reasons such as low funding or just ineptitude. They're not immune to it at all. As far as whether your son should just let them foreclose, it's probable that maybe he should. The reason is because a) if they are not very good at responding to calls, he may be able to save himself payments for a little while longer and b) once they start sending foreclosure notices, he may be able to find the exact department to contact about the matter to possibly work out a deal. Does that make sense?

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Customer reply replied 4 months ago
I think this is too complex to have you be able to help. I am assuming this is a free trial. How long does the trial last
Real Estate Lawyer: Legal Eagle, Lawyer replied 4 months ago

Hi, it may be too complex for me to help. I don't know if I have all of the information to assist you adequately and this seems to stretch back several years as well. You may need to consult a local attorney about this and explain your situation in more detail. I want to encourage you to take advantage of an in-person or telephone call as well because the matter may be too nuanced to handle through simple chat features like this. Let me opt out and let another expert potentially take over. Thanks.

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Real Estate Lawyer: Phillips Esq., Attorney-at-Law replied 4 months ago
Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Real Estate Law
Satisfied Customers: 21,709
Experience: B.A.; M.B.A.; J.D.
Verified

Hello: This is Phillipsesq. Welcome to Justanswer! I will be further assisting you with your post.

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Real Estate Lawyer: Phillips Esq., Attorney-at-Law replied 4 months ago

I am sorry to read about your difficulties.

I used to work for the SBA and may be able assist you with the post.

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Real Estate Lawyer: Phillips Esq., Attorney-at-Law replied 4 months ago

The bank he obtained the loan from should be more helpful. The bank should be able to provide him with contact information for the loan specialist at the SBA to assist him. Otherwise, he needs to go to SBA branch that wrote the loan and ask for assistance. Here is the contact information for all the SBA's Regional Offices.

As for the other liens and Judgments on his condo, he would need to contact those companies or pull his credit reports to get the information. He can get a copy of his credit report from each of the three main credit reporting agencies at no charge by using this link. Incidentally, he may also get the SBA's contact information from his credit report.

Goodluck with your case,

A positive rating to my response is appreciated so that I can receive credit for responding to your post. There is no additional cost to you for giving a positive rating.

Thank you for your cooperation.

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