Legal Question in Family Law in Illinois
Waiving Homestead Rights
I have been married to my husband for 27 years. Was recently separated for 8 months. He purchased a home while we were separated(Not legal separation) and I did not sign any papers. After the 8 months I moved back, we went to the Bank together and he had me sign papers, waiving my Homestead Rights. What exactly does this mean? What did I sign? Prior to this before going to the bank he took out a loan and had me sign those also. What does Waive Homestead Rights mean? Thank you for your reply...
1 Answer from Attorneys
Re: Waiving Homestead Rights
Hello. Mortgage companies and banks generally
want to use waiver of homestead forms to
protect their secured interest in the property
should the primary borrower default. In other
words, the mortgage company does not want the
other person (spouse) to have interest in the
property that they have to fight. The mortgage
companies want to be able to foreclose with
"ease" if they have to. Here, in my opinion,
your husband may be attempting to defeat any claim that you might have to the property since he acquired it during the marriage. Technically,
the property is still marital property and
whether you have actually waived any rights to
ownership would be up to a divorce court, if things don't work out between you and your spouse. On the other hand, your husband's mortgage company might have required that he obtain your signature to waive your homestead rights! I will be happy to answer any addi-tional questions you might have.
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