Fraud will cause SBA loan Default

[cleenheadhunter]

We bought a business and were not given all the information upfront. The business cannot support the SBA loan. What can we do to to negociate a new loan with the bank and SBA? We are also have started a suit against the sellers.

 

[moemahmoudian78]

Hello:

I have same situaion. My wife and two of her brothers bought a business using SBA loan. We discovered that Books were all wrong and fixed the numbers. Business is not actually worth. We can not pay the monthly loan payment. We put our home as collateral. What should we do? Moe