The Louisiana Bond For Deed. A Possible Alternative To Mortgage And Foreclosure

20 Apr The Louisiana Bond For Deed. A Possible Alternative To Mortgage And Foreclosure

A Bond For Deed, more often referred to in other states as a “conditional sale contract”, isthe Louisianaprocess that, if used correctly,may allow someone with credit problems to purchase real estate even when they do not qualify for a mortgage or only qualify for a sub prime mortgage. It may also allow a debtor risking foreclosure to get necessary financial relief.

In a Bond For Deedthe seller retains title to the property until the buyer has finished paying for it. After the final payment a separate agreement, known asan act of transfer, transfering the real estate from the seller to the buyer is required.

In order for a debtor to sell apiece of real estateunder a bond for deed where a mortgage is present,Louisiana law requires that the mortgage holder sign awritten guarantee that it willrelease the property from the mortgage once the terms of the agreement are completed.

Before entering into a Bond For Deed it is a good idea to speak with a lawyer with experience in these types of transactions to make sure that this is the right thing for you. These types of contracts can be very one sided in favor of the owner and it is important to go into such an agreement with your eyes open.

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I've been a consumer bankruptcy lawyer for nearly 25 years. Since that time I have helped many people resolve their financial problems. I have been practicing law since 1986 and I am licensed to practice in all state and federal courts in the State of Louisiana. Because I am a sole practitioner, you know that your debt matters are being handled by me personally. In addition to my work with consumers, I am also frequently asked to speak at local seminars on bankruptcy law. I am member of the following organizations: • Louisiana Bar Association • National Association of Consumer Bankruptcy Attorneys • Bankruptcy Law Network My office is located at: 3920 General DeGaulle Drive, New Orleans, LA 70114 Telephone: (504) 368-4101

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