Legal Question in Real Estate Law in Illinois

Assumption of a balloon

How do I go about lending my son the money to pay off his balloon and allowing me to be the lien-holder on his house?


Asked on 3/28/07, 8:54 pm

2 Answers from Attorneys
Joseph Michelotti Michelotti & Associates, Ltd.

Re: Assumption of a balloon

at a basic level, you need a note, mortgage, an amortization schedule TIL statements and supporting documents.

I prefer an Illinois land trust, in case you live out of state, you get incapacitated later on in life or you die prematurely.

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Answered on 3/28/07, 9:58 pm

Re: Assumption of a balloon

Generally speaking, you get a payoff letter from the lender and pay the lender that amount, and have an attorney draft a mortgage and note and other related documents so that your interest is properly recorded.

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Answered on 3/28/07, 10:35 pm


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