[StBernard] SBA Requirement to Sell

[Westley Annis]

PD,

Did you close on a new home before closing on your SBA loan?  If so, are you
able to use the SBA money to pay off your new mortgage?
Thanks,
Angel

--- Westley Annis <westley at da-parish.com> wrote:


> Yes Westley,

> I closed on a relocation loan in February and that is part of the loan 

> agreement.  I was told by the legal department that under the 

> circumstances of the devastation in St. Bernard that they understand 

> that it may not be possible to sell the property within that time 

> frame.  I understood that whenever it was sold the money had to be 

> used to pay down the loan.

> PD

>