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People Vs Joseph Amico

Covered by NYDaily News. Las Vegas man accused of threatening a prominent attorney and making vile remarks.

Faced 10+ Years in Prison

People Vs. Anna Sorokin

Covered by New York Times, and other outlets. Fake heiress accused of conning the city’s wealthy, and has an HBO special being made about her.

Faced 3+ Years in Prison

People Vs. Genevieve Sabourin

Accused of stalking Alec Baldwin. The case garnered nationwide attention, with USAToday, NYPost, and other media outlets following it closely.

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Juror who prompted calls for new Ghislaine Maxwell trial turns to lawyer who defended Anna Sorokin.

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The Spodek Law Group understands how delicate high-profile cases can be, and has a strong track record of getting positive outcomes. Our lawyers service a clientele that is nationwide. With offices in both LA and NYC, and cases all across the country - Spodek Law Group is a top tier law firm.

Todd Spodek is a second generation attorney with immense experience. He has many years of experience handling 100’s of tough and hard to win trials. He’s been featured on major news outlets, such as New York Post, Newsweek, Fox 5 New York, South China Morning Post, Insider.com, and many others.

In 2022, Netflix released a series about one of Todd’s clients: Anna Delvey/Anna Sorokin.

Why Clients Choose Spodek Law Group

The reason is simple: clients want white glove service, and lawyers who can win. Every single client who works with the Spodek Law Group is aware that the attorney they hire could drastically change the outcome of their case. Hiring the Spodek Law Group means you’re taking your future seriously. Our lawyers handle cases nationwide, ranging from NYC to LA. Our philosophy is fair and simple: our nyc criminal lawyers only take on clients who we know will benefit from our services.

We’re selective about the clients we work with, and only take on cases we know align with our experience – and where we can make a difference. This is different from other law firms who are not invested in your success nor care about your outcome.

If you have a legal issue, call us for a consultation.
We are available 24/7, to help you with any – and all, challenges you face.

SBA Loan Modification Lawyers

By Spodek Law Group | February 10, 2023

Navigating SBA Loan Troubles

Running a business is not always a smooth ride, and for many entrepreneurs, keeping up with loan payments can become a challenge. Unfortunately, lenders and the SBA are not always willing to rewrite the terms of their loan. However, there may be hope in the form of a loan workout or modification. If approached early enough, a loan modification can be a viable solution for both the borrower and the lender, especially for larger institutions.

The Loan Modification Process

Obtaining a loan modification is not a quick fix, but it can provide a solution for struggling businesses if approached with a strong commitment and viable turnaround plan. The process involves presenting updated business and personal financial information, additional pledged collateral may be requested, and formal appraisals will be conducted. It’s important to note that loan modifications are approved by the lender bank and the SBA on a regular basis, but only if the borrower can show that the business will be able to resume debt service with the modified terms.

Possible Modifications

  • Temporary/permanent reduction of interest
  • Defer payments and/or principal only
  • Extend maturity date to reduce payments
  • Temporary reduction of payments
  • Re-amortize loan payments

Authorization and guidelines for an SBA loan modification may be found in the Standard Operation Procedure 50-50-4, Chapter 5, paragraphs 8(a), 15(a), 16(a), 17 as well as Chapter 7, Paragraphs 5(b) – 5(h).

SBA Loan Deferment

If your small business is facing short-term financial difficulties due to a seasonal slump, you may consider applying for an SBA loan deferment. If you qualify, the SBA lender or Certified Development Corporation (CDC) can provide a temporary reprieve from paying on the SBA loan, ranging from three to twelve months. During this time, you may be required to make interest-only payments or no payments at all. However, be advised that this option may come with personal guarantees or the need for additional collateral. Before considering a deferment, it’s advisable to seek representation or consultation with a qualified SBA attorney.

SBA Loan Modification

If your small business is still generating revenue but struggling to keep up with the old loan terms, a loan modification may be a viable solution. This option is generally presented when it involves an SBA 504 Loan and the pledged collateral or building’s fair market value has decreased significantly. In this case, a proposal should be made in order to apply for a loan modification that benefits both parties. The borrower will be required to provide updated business and personal financial information, additional pledged collateral may be requested, and formal appraisals will be conducted. Before engaging in the modification process, it’s advisable to seek qualified representation or consultation, or to review applicable SBA SOPs and the Code of Federal Regulations (CFRs).

Step-by-Step Guide to SBA Loan Modification

Navigating the SBA loan modification process can be a challenge, but with the right guidance and tools, it can be a smooth and successful experience. Here’s what you need to know about the SBA’s requirements for obtaining a loan modification.

Key Resources for Loan Modification

To ensure a successful loan modification process, it’s important to familiarize yourself with the following resources:

  • The SBA’s Standard Operating Procedures (SOP) Manual: This comprehensive guide details the procedures that SBA participants must follow. Lenders should use the SOP that governed at the time the loan was approved, which may not necessarily be the most current version of the SOP.
  • The 7(a) Matrix: A table that outlines the actions and modifications requiring SBA notification and approval and whether they need to be made through E-Tran (the SBA’s electronic transaction and documentation platform).

While the 7(a) matrix is a useful reference tool, lenders should always refer to SOP instructions and the version that governed when the loan closed.

Avoiding Common Loan Modification Errors

Even with the best information and guidance, mistakes can still occur during the loan modification process. Here are some common errors to watch out for:

  • SBA approval was required but not obtained
  • E-Tran updates were required but not made
  • Required documentation was not obtained (for example, a sale agreement and final closing statement must be submitted when property has been sold. Without these documents, the modification is not properly documented, potentially jeopardizing a lender’s guarantee).

While some of these mistakes are correctable, the best course of action is prevention. With proper servicing and guidance, these errors can be avoided.

Expert Help for a Successful Loan Modification

If you’re feeling overwhelmed by the loan modification process, help is available. Our team of over 200 SBA lending experts can offer unparalleled mastery of the demanding SBA requirements. We’ll oversee the modification process so you can enjoy peace of mind knowing that your guarantee remains intact.

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I was searching for a law firm with some power to help me deal with a warrant in New York . After 6 days I decided to go with Spodek Law Group. It helped that This law firm is well respected by not only the top law firms in New York , but the DA , Judge as well. I...

~Fonder Brandon

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It was my good fortune to retain Spodek Law Group for representation for my legal needs. From the beginning, communication was prompt and thorough. Todd, Kenneth and Alex were the first people I worked with and they all made me feel comfortable and confident that the team was going to work hard for me. Everything was explained and any concerns...

~A G

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After meeting with several law firms, I chose the Spodek Law Group not only for their professionalism and experience, but for the personal attention given to me right from the initial consultation. It is important to recognize how crucial having the right legal team is when faced with potentially life altering events that impact families and the lives of loved...

~George Cherubini

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