Legal Question in Real Estate Law in Illinois

Re: Foreclosure or Deed in lieu?

First, I'm not sure what you mean by "secondary signer on the title", so I'm not sure what to say there.

Not many banks seem to favor deeds in lieu these days since they already have more property than they want. Your best course of action may be a short sale (getting the bank to accept less than their full payoff and selling the property). Or perhaps you could get the bank to modify the loan if you want to stay. Either of those tasks may be accomplished by yourself, but it's tough. You may want to retain a professional to do either one of them (attorney or otherwise). Contact me if you have any further questions. Good luck!

Re: Foreclosure or Deed in lieu?

There is no "best." It depends on your circumstance. If by "secondary signer on the title" you mean a co-signer on the note, then that person is equally responsible for the debt. Their credit will be affected just as much as the primary borrower. Both foreclosure and deeds in lieu of foreclosure will adversely affect your credit.