How the Treasury Offset Letter can Reduce SBA 7(a) Repairs and Denials
A major takeaway from last week’s Coleman Fresno Servicing SBA Loan workshop is to get to know the Treasury due process letter.
This letter informs the deadbeat borrower of a host of nasty remedies the federal government will impose upon them.
SBA guru attorney Ethan Smith of Starfield & Smith told the group that is a great way for you to forge a new working relationship with your borrower.
By changing the conversation to how you can help the borrower to resolve the debt through an “offer in compromise” an adversarial relationship can turn positive. This can lead to a wide range of positive outcomes. One of the most important is it can induce the borrower to work with you to solve any file documentation deficiencies that may have occurred in funding – mitigating the chance for a repair or denial
Read the full Treasury Due Process Letter