Legal Question in Real Estate Law in Illinois
mortgage co signers
my son in law and I are on the mortgage for this house and I live in the basement apt.
He and my daughter are now going through a divorce.
since I have no desire to leave,am I obligated to sell the house or is he bound contracturally to maintain his responsibility to his half of the mortgage payment?
3 Answers from Attorneys
Re: mortgage co signers
He is bound contractually to maintain his responsibility. However, you did not mention whether he and you are co-owners. If you are, he may be able to force a sale of the home. If he is the owner and you are on the mortgage, only, he could ultimately have you evicted. You should consult with an attorney to see how to best protect yourself.
Re: mortgage co signers
He is bound contractually to maintain his responsibility. However, you did not mention whether he and you are co-owners. If you are, he may be able to force a sale of the home. If he is the owner and you are on the mortgage, only, he could ultimately have you evicted. You should consult with an attorney to see how to best protect yourself.
Re: mortgage co signers
The loan documents you signed likely said that you and your son in law were "jointly and severally liable" for the debt. That means that the lender can try to get their money from him, from you, or from both of you. Also, being on the mortgage does not necessarily mean you are an owner of the property. You should contact a real estate attorney in your area to discuss your situation.
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