As the man said, bad things sometimes happen to good people, and as the economy continues to slide and the politicians continue to flail around, we will be seeing more and more of that. I received this email recently and I want to share it with you:
Hello Charles, Just read one of your articles on the current SBA position in this economic crisis. My wife and I cosigned on an SBA loan for her sister's restaurant. It went south and the loan is now in default. We are on the hook for a huge loan (her sister battled a severe cancer during the startup and that diverted all focus away from the restaurant unfortunately, and that was just one among many issues).
I am talking to the workout specialist at the bank, but I am not clear on the process. I know they will try to go after what little they can get out of the restaurant assets then our house and other assets.
I am looking for advice. I have talked to several lawyers but none gave me mu... [Read Full Article]