Legal Question in Real Estate Law in Illinois

foreclosesure

My mother refinanced her home in Feb. Now is in the process of foreclosure, her defaulted loan is now in the hands of a law firm. When she refinanced I had signed a quit claim deed for my name to be on the title. Does that mean I owe the money too? I looked at one of the docs and my mother and grandmother are listed as ''individual'' and me ''title only'' My grandma was also added to the title and signed all the papers my mom did,but I only signed about four. Will this go on my credit also?


Asked on 9/15/07, 7:23 pm

1 Answer from Attorneys
Zedrick Braden III Ainsworth & Associates PC

Re: foreclosesure

Hello. I can readily understand your concerns. The only reason I can imagine why your name had to be added was a "co-signor" arrangement. In other words the underwriter wanted your guarantee that if the property is foreclosed on, you will pay, or the mortgage company can sue you if the house at the foreclosure sale sells for less than the value of the mortgage. You probably were not told this at the closing. This is a tricky situation and you need help in order to protect your credit rating. You also need representation in case the mortgage company lawyers and/or investigators charge that material misrepresentations were made about your mom's income just so she could qualify for the loan. Will be happy to discuss this further and in more detail with a solution.

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Answered on 9/16/07, 3:28 am


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