Sba Loan Foreclosure Options

Summary

Homestead laws in California can protect your home from liquidation by creditors. Bankruptcy may not discharge SBA loans, and federal debts have specific rules. Judgment liens on real property last for 10 years and can be renewed every 10 years. Consult a bankruptcy attorney for personalized advice.

Full Conversation

Hello I have an Small business administration disaster home loan that originated in *. I qualify for camortagerelief.org program but the SBA is not on servicer list for Camortagerelief program. They are threatening forclosure or liquidation. I have a homestead. Any suggestions
Hello ****, your situation seems complex. In California, homestead laws can protect your home from being liquidated by creditors. You might consider seeking advice from a local attorney or contacting the California Department of Real Estate for more guidance.
Can I file bk SBA is a federal debt
Hello ****, you can consider filing for bankruptcy in California. However, keep in mind:
- Bankruptcy may not discharge SBA loans in some cases.
- Federal debts, like SBA loans, have particular rules.
- Consult a bankruptcy attorney for more specific advice.
How would I find out those rules. Also is there a statute of limitations on putting a judgement on deed in California
To find out specific rules for SBA loans in bankruptcy, you can:
- Check the U.S. Bankruptcy Code.
- Consult a bankruptcy attorney.
For judgment liens on real property in California:
- The judgment lien lasts for 10 years.
- It can be renewed for another 10 years.
So if it's at 20 years can they renew again?
In California, a judgment lien can be renewed every 10 years. This means, after the initial 10 years, it can be renewed for another 10 years. After that, it can be renewed again, as long as the renewal is done before the lien expires.
Ok thank you.
You're welcome, ****. If you have any more questions or need further clarification, feel free to ask. Remember, consulting with a local attorney can provide you with specific advice tailored to your situation.
U rock!
Thank you, ****! I'm here to help. If you have any more questions in the future, don't hesitate to ask. Good luck with your situation!