New Orleans, LA asked in Bankruptcy for Louisiana

Q: Chapter 13 and Bond for Deed in Louisiana

I have been in Chapter 13 for one year. I would like to buy a house but cannot qualify for a mortgage. I have found someone that wants to sell their home with bond for deed (I pay monthly and the deed doesn't transfer to my name until fully paid with balloon payment in 5 years - at which point I will be out of Ch 13). The terms are reasonable and the monthly note is the same as my rent payment (which does not have to be approved by the trustee prior to signing a new lease). My question: Since the deed will not transfer to my name during ch 13 and the payments are the same as my current rent, do I need to get trustee approval?

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1 Lawyer Answer
Timothy Denison
Timothy Denison
  • Bankruptcy Lawyer
  • Louisville, KY

A: Yes.

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