Renter's or Homeowner's Declaration required by the CDC to prevent evictions before Dec. 31, 2020 or if extended the new date.
- 12-6-2020
- Evictions
- Question 261
MODIFICATIONS TO THE LOAN SBA SOP 50 30 9
8.2 LOAN DECREASE AND CANCELLATION
A. At Request of Borrower: When we receive a written or verbal request, we may cancel all or reduce any undisbursed portion of an approved loan.
B. Notification to Borrower Prior to Loan Modification:
1. Before we initiate an action to cancel all or reduce any funds, we must mail a letter giving 14 calendar day notice (letter can be issued by Accounts or Loan Processing) of the pending cancellation/reduction. The letter must specify the action the borrower can take to prevent the cancellation. This letter must specifically inform the borrower that the loan will be cancelled if the borrower fails to submit the requested information.
EXCEPTION: A 14-day letter is not required when the cause for the cancellation is due to the borrower's request; we received notification that the borrower has filed for bankruptcy; or SBA receives a foreclosure notice on the damaged or collateral property.
2. Prior to the completion of the loan modification for cancellation of the loan, the Loan Officer should contact the borrower to explain our action, the reasons for the cancellation and the reinstatement rights. The Loan Officer should advise the borrower that written notification is forthcoming which will include information regarding the method and deadline for requesting reinstatement (see paragraph 8.3). If the loan was cancelled in full (no disbursement made) the Loan Officer should also advise the borrower upon approval of the reinstatement request, new loan closing documents may be issued and that the original documents may no longer be valid.
>>>> Read more from the SBA SOP
https://www.sba.gov/sites/default/files/2018-06/SOP 50 30 9-FINAL.PDF
"Providing resource supported answers."
* Your IP address 3.236.156.34 will be saved with your question and used only to prevent spam.
** Please be sure to include your email address and your name if you would like your question answered.
Did your state inform you that you qualify for federal assistance only to later deny you assistance based on state created policy or procedure? Is your home listed as being in one of the most impacted areas? Do you have proof your state accepted you into the federally funded HUD CDBG-DR grant program? Contact us about your experience.
We need to recover as much as possible the R22 refrigerant in our 5 ton home AC unit. It does not have...