Legal Question in Real Estate Law in Illinois

Re: forced refinance

Some questions which would need to be answered:

1. Are you in title to the property? Was your name on the deed?

2. Did you sign the note? Are you obligated to make payments? If yes, his bankruptcy just became a very big problem for you, since you are still obligated to make payments, even though you moved out of the property.

3. Why did the lender have you sign the mortgage? Was it because you were in title? Because you signed the note, maybe as a co-signer, but were not in title?

Realistically, the only way he can "remove" your name from the mortgage is by refinancing. You should be more concerned with getting your name off the note, if you signed it. And if he recently filed bankruptcy, he may be right that he cannot refinance now. If you are in title, you may need to file a partition action to effectively force the sale of the property. If you are not in title, and you did sign the note, you may have some serious problems here.

Did you have an attorney represent you when you purchased the property? If so, he or she should be able to answer most if not all of these questions.

Re: forced refinance

There's some mistake in your facts. Homestead is only an issue for married couples for starters. In any case, the bottom line is that you can't "remove" your name from the mortgage.

Re: forced refinance

no