Legal Question in Real Estate Law in Illinois

Your nephew would need to participate in conveying the property to a purchaser. If there is not any way to convince him to participate or to exert enough pressure to do so, then your remedy is likely to ask a court to partition the property, which technically means dividing it up among the three of you, but which in reality (assuming it is a typical property that cannot be cut up in any fair manner) means the court would order it sold with the proceeds divided. An attorney may be able to assist you in exerting pressure through the threat of partition.

Another issue to consider is the value of the property. Can it be sold or is there more owed on it than it is worth? That, with other facts, may dictate your approach.

It will be hard for anyone to advise you fully without an appointment or, at minimum, a telephone conference.

I agree with Mr. Repay - when you listen to someone (even your own mortgage lender) about what you have, or don't, you're doing yourselves a disservice. "Equal shares" could mean you own as tenants in common with your nephew, or you and your wife are joint tenants but are tenants in common with your nephew -- big difference. And whether you're name is 1st, 2nd or third on the note is irrelevant: if you all signed it, you probably are jointly and severally liable on it, meaning any one of the three of you could be looked to for the entire debt, even if there are the two of you (you and your wife) and your nephew. See an attorney to specifically identify what the situation is.