Home and business was damaged during Katrina. got a SBA disaster loan. paid monthly notes. they were 3rd lienholder. 1st lienholder foreclosed on us. he did not notify SBA about the foreclosure. we did and sent names, addresses, phone nos,and documentation of all concerned. he bought the property back at the land sale and resold it within two weeks. he told new owner that he had taken care of the SBA loan, which he had not. i have since been put on SS disability and draw a small check every month.
who is responsible for the SBA loan balance, which was 48,000 and is now is around 60,000 with interest??..the 1st lienholder that forclosed on the property or me?? i asked because SBA has got garnishment against my SS benefits every month for monthly payments. i thought if you were foreclosed against, the one foreclosing was responsible for all liens against said property. please advise me of what is right and wrong. thanks for your time.
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