Eidl Loan Assumption With Purchase Agreement In Maricopa
Category:
State:
Multi-State
County:
Maricopa
Control #:
US-00193
Format:
Word;
Rich Text
Instant download
Description
The Eidl loan assumption with purchase agreement in Maricopa is a legal document facilitating the transfer of loan obligations from the original borrower to a new party, known as the Assumptor. This form outlines the responsibilities of the Assumptor to assume existing debt with the Small Business Administration (SBA) for a specific property. Key features include the acknowledgment of the original indebtedness, consent for assumption by all parties involved, and the stipulation that the original borrower remains liable despite the transfer. Filling out this form requires clear identification of all parties, loan details, and notarial certification. Attorneys, partners, owners, associates, paralegals, and legal assistants will find this form valuable for structuring transactions involving EIDL loans, ensuring all parties understand their obligations and liabilities. It serves as a protective measure for both the borrower and Assumptor while maintaining compliance with SBA regulations. Use cases include sales of property tied to EIDL loans, refinancing arrangements, or changes in ownership where loan assumption is applicable.
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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.
As of January 2025, there are no plans to forgive outstanding SBA EIDL loans.
As of January 2025, there are no plans to forgive outstanding SBA EIDL loans.
When seeking a lien release, borrowers should approach the SBA with a well-prepared case that highlights the equity in their assets and the potential for a fair settlement. It is essential to gather documentation and evidence that supports your position and demonstrate your willingness to resolve the debt.
As of January 2025, there are no plans to forgive outstanding SBA EIDL loans.
