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SBA disaster loan

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Hi, I am an old member with a new name.

*Moderator please move post if necesary. Sorry in advance.

I want to know if anyone has had experience getting a SBA disaster loan? Or anyone turned down for a loan. Any insight would be helpful.

I am on my last appeal...and quite desperate.

My home has been flooded twice, once in 2009 and again in 2011 from an old abandoned mine that my husband did not know existed. We did not have flood insurance as we thought there was no possibility of us being flooded due to home elevation. I was denied a SBA loan in 2009 and got enough $ from FEMA to replace the furnace. My business was devastated, my home foreclosed on and 4 surgeries later I have been back to work regularly for about 7 months.

During the first flood I rebought for the business to get it running again, and did not pay some bills. I learned the hard way and in May 2010 resolved to faithfully pay my bills and I did. The second flood I received nothing from FEMA (they got my file confused with someone else and I never could convince the many reps otherwise). So far nothing from SBA.

I have huge issues with my home and I need help.

I have two months. My scores are in the mid 500s. I have collections and charge off. Do I target collections? Do I target charge offs? Do I try to pay them off (as many as possible) and get a letter to show SBA?

I really need advice, just a reference because I know that you haven't seen my report.

Than you so much!!!

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  • 3 weeks later...

An old mine should have shown up on a title search...go take alook and see if it did. If not, then you may be able to file a claim against the title company. Also, certain things like mining need to be disclosed during a sale due to the fact that there could be hazardous chemicals on the property...

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