My question is for a friend of mine.
My friend took out an SBA loan to start a business for about $250,000, he put up his house which is worth about $200,000.00 and some stock worth about $20,000.
His business went bankrupt and he is broke. he was told to just let them take his house and the stock but he is still short some. he owns another house, and the question is...
Can they take his other house for the remainder of the loan sum?
and if they can... could he sign the house over to me so they can't touch it?
(the other house was bought after the agreement with the loan was made)
My friend took out an SBA loan to start a business for about $250,000, he put up his house which is worth about $200,000.00 and some stock worth about $20,000.
His business went bankrupt and he is broke. he was told to just let them take his house and the stock but he is still short some. he owns another house, and the question is...
Can they take his other house for the remainder of the loan sum?
and if they can... could he sign the house over to me so they can't touch it?
(the other house was bought after the agreement with the loan was made)