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    najuneau's Avatar
    najuneau Posts: 1, Reputation: 1
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    #1

    Nov 22, 2007, 09:17 AM
    La. Bond for deed
    Do I have to notify mortgagor if I'm sell property in la. Under a bond for deed
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Nov 22, 2007, 09:27 AM
    LA has different laws and work under a different system than mot of the rest of the US, If I remember correct your bond for deed is similar to the contract for deed we use here. Normally no the mortgage holder doesnot have to be notified, now there are exceptions, if the loan agreement states that this will be "YOUR" principal residence, they have to be notified anytime you move out of it. Also there will be issues of insurance, since your mortgage company will require you to still keep property insurance on the home under your name, since the deed can not be transferred until you pay off the loan.

    This leads to the problem that normally two insurance companies will not pay off on the same property, so the new buyers will want insurance to cover their equity they gain in the property, you will want them to have insurance to pay you if there is major damage but your insurance company will also be requireing insurance in force.
    So there may be a need to work with the lender so double insurance is not going to have to be in place.
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