Legal Question in Real Estate Law in Illinois

My Ex Husband & I own a home together. I just moved out and he moved in. The home is in a foreclosure, we have not been served yet. I have a short sale pending,and we all know that takes time. My EX wants to file Bankrup chpt.13 and then refinace the home, to buy it back is $13.000.00. He said he can not file bankrup because i'm still on the house. What does him filing Bankrup have to do with me? Can my EX refinace right after he files bankrup,or does he have to wait a couple of years. My EX wants me to sign all rights of the property to him? not a good idea righ?
Help...
Laura

Asked on 9/01/09, 5:03 pm

Joseph Michelotti Michelotti & Associates, Ltd.

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couple of problems:

1. whether or not you still own the home you are liable for the debt.

2. It is possible to refinance in ch 13, but it is hard to finance now period.

3. You may be able to do a loan mod, but you will still be liable on the note.

4. You can only do a short sale if he agrees to sign off.

5. If the sale occurs after December you may have tax liability on the short sale.

6.. You may be better off doing a bankruptcy on your own.

Good Luck

Answered on 9/06/09, 5:53 pm

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