OFFER IN COMPROMISE
Many times, a borrower is not able to repay a loan after liquidation and could potentially compromise to settle the debt to pay less than the full amount due. The borrower has an opportunity to present an Offer in Compromise to the SBA before the borrower faces, tax levies & liens, wage garnishment, penalties and interest, or IRS offset from the U.S. Treasury. It is imperative that the borrower remains cooperative and proactive with the lender to ensure SBA's approval.
Kresser, Corona & Associates can submit a cohesive Offer in Compromise package to the SBA on behalf of the bank or the borrower. Our firm has been extremely successful in collecting the supporting information and providing SBA a sensible offer. Kresser, Corona & Associates has been submitting OIC’s for decades with a 100% success rate in a negotiated offer.