Eidl Loan Assumption With Seller Financing In Contra Costa
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FAQ
Conventional loans backed by Fannie Mae and Freddie Mac are generally not assumable, though exceptions may be allowed for adjustable-rate mortgages.
The purpose of an assumption agreement is to ensure the seller is freed from their obligations, while the buyer agrees to take on these obligations. Legally, the seller could still be held liable if they don't have a proper assumption agreement in place that absolves them of those responsibilities.
A debt assumption involves two simultaneous transactions; the first transaction cancels the original debtor's obligation, and the second transaction creates a new debt contract between the creditor and the new debtor, or assumer.
There is no provision for forgiveness on these loans, nor should anyone expect that there will be. The EIDL is a decades-old program, and if they forgive loans for this particular disaster, then borrowers for every other EIDL program are going to expect forgiveness on their loans as well. It's not happening.
