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Question
I ran a in home daycare facility when the storm came through it did lots od damage. I was forced to get smallbusiness loan for 32000 for the repairs. A few years later me and my husband seperated and he remained in the home. I continue to make payments.
During 2008 I became unemployed and was unable to make payments. I was not aware that he was in the process of losing the house that we used for calateral but he did. My income tax was held because of this.
my question is there any way for me to continue payments and get this off my credit.
He is willing to take this on in writting he says.
Christina;
Thank you for your question. It is regrettable that you have been dealing with a difficult situation. The SBA offers disaster relief loans, which typically are taxpayer backed, so getting rid of them is a challenge. If the collateral of the loan or any assets attached to the loan have been foreclosed upon it is unlikely that the lender (Treasury Dept.) saw any of that money and the loan balance remains and is probably increasing if no one is servicing it. As you know, they will attempt to offset the loan with tax refunds for any guarantors. It seems as if you may benefit from a loan modification to get back on track with this. Credit scores should not be your primary concern, getting the loan managed and paid or settled should be. As for your husbands liability, if you are in a community property state, than you/he may be released if divorced. You would need to speak to an attorney regarding your liability in that type of action. If you need assistance negotiating with the Treasury, my company SettleSource negotiates on SBA loans, which may provide the payment relief or resolution you seek. Credit can be repaired thereafter. If you found this answer helpful, please take a moment to provide a positive rating or comment so others may benefit as well.
Respectfully,
Christine Janklow
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Answers by Expert:
Christine Janklow
Expertise
As President of SettleSource,Inc. a business debt settlement firm, I invite you to inquire about all aspects of business debt solutions to best determine which may be most appropriate. If you have questions such as: What is debt settlement and how process provide debt relief to my business? What options are available to deal with my business debts? Is it possible for a business owner to negotiate their own settlements? Why is debt settlement preferable to filing a bankruptcy or debt consolidation? Why are creditors willing to provide settlements to a business? How will settling debts affect credit scores? or How to rebuild a business after debt is eliminated. Please ask it now! For more information regarding how debt settlement can help your business, please visit www.SettleSource.com and place your inquiry. Mention All Experts to have a confidential no cost consultation with Christine. If this is your business situation time may play a very important factor in getting matters resolved proactively before they have negative affects on the business.
Experience
My expertise is specific to providing business solutions that will have profound positive impacts on the financial health of businesses. I have 25 years experience as an entrepreneur and have developed national sales programs; strategic alliances; product development; marketing programs; business and turnaround plans and debt settlement programs all providing methods to improve the financial outlook for large and small businesses. In the area of commercial debt settlement I have over 10 years experience working with large and medium corporations and closely held businesses to enable successful debt reduction and turnaround. I am a professional debt arbitrator and have negotiated with major banking institutions as well as vendors, suppliers and other trade creditors.
Organizations
Provisors;Turnaround Management Association; Los Angeles area
Publications
Accounting Today; Web CPA; National Restauarant Association;Los Angeles Daily News; Today Magazine Monthly series of business articles entitled "Brand News."
Education/Credentials
Bachelor of Business Administration; Associate of Arts Merchandising
Past/Present Clients
American Airlines, American Express, Safeway Inc., New York Life, consumer products manufacturers; retailers, food service industry and other small businesses and service providers.
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