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
FAQ Research based learning
"Providing resource supported answers."
I was not told why my SBA EIDL was declined. Does the SBA send a reason code or declined reason by letter?
Borrower may not use an oral statement of SBA to contradict or alter the written terms of this Note.
Reconsideration of Declined EIDL add Personal Financial Statement Disaster Programs SBA Form 413D (03-18) to your document list.
We have hundreds of homeowners looking for experienced trade professionals. We only ask for proof you are who you say you are. It's time you publish your work, from start to finish and show details so we can all see your quality. Homeowners are sick and tired of day labor contractors. Follow this link to create your account.
- Thu. Apr. 8, 2021
- Sun. Mar. 28, 2021
- Sun. Mar. 28, 2021