Legal Question in Real Estate Law in Illinois
on deed, not mortgage refinance issue
I am on the deed to the home I am living in with my ex but the first and second mortgage are in his name. He recently moved out and purchased a home...all behind my back! We did have a contract we wrote up specifying that if one moved out, the other would be responsible for half the mortgage and house would be put up for sale immediately. I have been paying as much as I possibly can.My question is Can he refinance the second mortgage to get more money out since he is in a financial bind with two mortgages, or do I have to sign also since I am on the deed?
1 Answer from Attorneys
Re: on deed, not mortgage refinance issue
Hello. I am quite familiar with this type of problem. In theory, your ex
could refinance the house without you,
but may run the risk of being charged with mortgage fraud. This is common now and people need to be very careful about the types of real estate transactions they engage in. You really need to get out of that financial situation as quickly as possible. You may have to file a partition suit which is an equitable suit to divide the property interests of people who own property jointly as in your situation. I hope my comments have been helpful, but there are many more issues to consider here and you should act quickly. Will be happy to discuss this further and in more detail.
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