Legal Question in Real Estate Law in Illinois

Equity In My Home

What type of lein can I put on my home to protect my equity ? My son is attempting to sell my home and retrieve the equity although I have made all the payments. I was forced to put the title in his name in 2005.


Asked on 6/05/09, 2:52 pm

1 Answer from Attorneys

Walter Palmer Law Office of Walter Palmer

Re: Equity In My Home

In order to put a lien on the property, you have to show you have some legal right to some of the value of the house. If you transfered title to him without charge, then that is petty much it. The time to recover your equity is when you transfer title. The court is going to presume that you made the deal with your eyes open. Otherwise you are relying on your son's good nature and the values you taught him as a child.

You say you were 'forced'. Did your financial circumstances force you? if so, there isn't much you can do. The courts take a dim view of people who transfer assets to 'protect' them from creditors.

If you can show that he exerted undue pressure to force you to transfer title, then you might have a case. In which case, you need to talk to trial counsel. Arguing that he took advantage of you when you were in a tight spot won't do much because you have lived there at little or no cost for almost four years.

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Answered on 6/05/09, 3:56 pm


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