Q: I am not the seller I am the buyer.
I purchased the property Jan. 2006 and the owner filed Chp. 7 Apr. 2006. I didn't know he had done this until a week ago. I had been to Capital One several times to get info for 1098's and they told me couldn't give to me because my name was no where on the paperwork. I read that in order for a debtor to sell apiece of real estate under a Bond for Deed where a mortgage is present, Louisiana law requires the mortgage holder sign a written guarantee that it will release the property from the mortgage once terms are completed. I do not have this.
A: I am not sure what you are asking. I am not aware of any requirement that a mortgage company guarantee release of a mortgage (especially if it's not paid off) on a bond for deed contract. You can certainly agree to assume a mortgage under a bond for deed and it's part of the negotiation between the parties (price paid, etc.)
I am also unsure of the effect of the bankruptcy on your rights under the bond for deed contract because bankruptcy throws a wrench into everything. Did you get notice of the bankruptcy filing? How long ago was the bankruptcy filing? It is possible, under perfect circumstances, your bond for deed contract has been nullified and any damages claim you may have for its violation discharged.
1 user found this answer helpful
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.