Legal Question in Real Estate Law in Illinois
illinois real estate
My mother resided with her ex-husband until 2 weeks ago when he was in a fatal car accident. She is not on the title and there is no will. Is she offered any protection under the homestead act, or considered a joint tenant or tenants in common? Does she have right to first refusal to purchase the property from the bank he had the mortgage with? At what is owed or fair market value? What are the banks rights in this case? what are the time frames in a matter such as this?
2 Answers from Attorneys
Re: illinois real estate
As a spouse she is entitled to 1/2 of the estate to be shared with the heirs.
The mortgage will require full payment upon his death, but as long as payments are made, nobody checks.
my suggestion (not legal opinion) is that she do nothing and continue to make the mortgage payments. If there are other heirs that are causing problems, we can take care of them..
feel free to use me of a resource:
email: [email protected]
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Re: illinois real estate
My condolences for your mother's loss.
I am not sure what you mean by ex- husband. Do you mean that there had been a divorce prior to his death or do you mean that he is now her ex husband because of his death? If the first, she is out of luck. If the second, she is entitled to 1/2 of his estate, even if there is not a will. Depending on all of the circumstances, that 1/2 might include 1/2 ownership of the house. She may be in a position to negotiate with the mortgage company. Please feel free to contact me for a free telephone consultation as there are too many aspects to fully explain in this forum.
Respectfully,
Burton
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