The answer to this question depends on a variety of factors. In Texas, a borrower’s homestead may not be pledged as collateral for an SBA business loan and the lender will not seek to do so. However, in many other states this can and does occur. But, generally speaking, while there is no statute of limitations applicable to a foreclosure action by the government, the SBA cannot obtain a judgment to collect any deficiency remaining on the delinquent loan, post-foreclosure, if the six-year statute of limitations for suit on the loan has passed.
SBA Loan Default Blog
- Are shareholders liable for a default on an SBA loan? December 1, 2019
- Is it true that I will be barred from accessing SBA loan programs in future if I don’t pay my debt in full. November 22, 2019
- Release From Your Personal Guarantee on an SBA Loan January 14, 2019
- What is the SBA Disaster Loan Forgiveness Program? January 6, 2019
- Will the SBA accept my Offer in Compromise? January 4, 2019
- Sued by the U.S. Attorney on a defaulted SBA loan? October 3, 2018
- SBA Has a Lien on My Home. If I Default will I Lose My Home? October 2, 2018
- Can I Sell My House with an SBA Lien? September 30, 2018
- Can I Apply the Proceeds from the Sale of my Business to my Offer in Compromise? September 9, 2018
- Selling your Business after an SBA Loan Default August 27, 2018
- Joint and Several Liability: How did I get stuck with the whole bill from the SBA? January 27, 2018
- A Small Payment on your SBA debt could be a Big Mistake November 5, 2017
- SBA Loan Assumptions: The Devil is in the Details October 9, 2017
- Applying for an SBA Loan with a Felony in your Background: You Better Understand SBA Form 912 July 12, 2017
- Avoiding Default under an SBA Offer in Compromise November 13, 2016
Topics of Interest
- Administrative Wage Garnishment (3)
- Cancellation of Debt Income (1)
- Criminal Record (3)
- Default Rates (1)
- Foreclosure (3)
- Military Service (1)
- Personal Residence (2)
- Real Property Liens (4)
- SBA (41)
- SBA 7(a) Loan (6)
- SBA 770 (2)
- SBA Disaster Loan Forgiveness (1)
- SBA Lawsuit (3)
- SBA lien home (2)
- SBA Loan Assumption (1)
- SBA Loan Default (14)
- SBA Loan Default Asset Sale (2)
- SBA Loan Modification (1)
- SBA Offer in Compromise (6)
- SBA Personal Guaranty (5)
- SBA Unconditional Guarantee (1)
- SBA Unconditonal Limited Guarantee (1)
- Treasury Debt Defense (4)
- Treasury Offset Program (2)