All about
Bond for Deed
Learn the facts, know the risks, and get help if you’ve been trapped by a bond for deed contract.
For immediate help, call us at (630) 690-6500.
You May Be At Risk!
When you sign a bond for deed contract, you may be entering into a risky agreement.
These are some risks associated with bond for deed contracts.
Eviction
If you miss a payment, you may face eviction from a home you purchased. You lose all the money you’ve invested into the property.
Unfair Terms
With less oversight, sellers can include illegal or unfair terms in contracts, often shifting more costs onto the buyer.
High interest rates
Sellers might charge interest rates as high as 11-18%, which is illegal in some situations.
Maintenance & repairs
Your home could require many costly repairs that you are responsible for completing.
What is Bond for Deed?
A bond for deed contract (sometimes known as a land sales or installment sales contract), is an alternative to a traditional mortgage in which the buyer and seller negotiate a contract instead of going through the bank.
While bond for deed is legal, sellers often include hidden and predatory terms. Those terms can make the contract impossible to complete – meaning the buyer loses their home.
How do I get help?
HOPE is currently investigating a predatory bond for deed scheme in the East St. Louis area. If you have a bond for deed contract, contact HOPE Fair Housing Center to learn more about your rights.
Attend our Free Training!
HOPE will be delivering a free fair housing training in East St. Louis. All are invited to attend to learn your rights and get the facts about bond for deed. (Date, Time, and Registration coming soon!)
When: TBD
Where: TBD