Legal Question in Real Estate Law in Illinois

Complicated problems, WHAT CAN I DO NOW???

I help my friend bought a house with my name on the title and the loan mortgage, now the house market is down, and my friend can't pay the payment, so WHAT CAN i DO NOW?


Asked on 6/10/08, 5:14 pm

3 Answers from Attorneys
Charles Dobra Charles Wm. Dobra, Ltd.

Re: Complicated problems, WHAT CAN I DO NOW???

Well, you can pay the obligation, since you agreed to do so.

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Answered on 6/10/08, 5:17 pm
Thomas Moens Moens Law Offices, Chartered

Re: Complicated problems, WHAT CAN I DO NOW???

You are responsible for the payments just as much as your friend is. If the payments are not made, your credit will be adversely affected, and the lender will commence foreclosure proceedings. You might try negotiating a short sale. I would suggest getting an attorney to assist you with this.

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Answered on 6/11/08, 9:31 am
Nicholas Chrisos Nicholas G. Chrisos Attorney at Law

Re: Complicated problems, WHAT CAN I DO NOW???

Unfortunately, you're on the hook just as surely as if it were really your place. I guess the phrase "nice guys finish last" is appropriate here.

Anyway, you should do what any homeowner would have to do: sell! If there's not enough to pay the loan off, you have to "short sell". Contact me for a free consultation to explore your options.

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Answered on 6/11/08, 11:57 am


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