Legal Question in Real Estate Law in Illinois

Generally speaking, a bank will look at "household" income when it considers a loan modificaiton, short sale or deed-in-lieu. Thus, your assets can be considered in their decision making process. However, if your question is more pointed towards whether they could collect a deficiency from your assets, the answer would be no, they cannot. That is assuming, of course, that assets like bank accounts and property are not owned jointly. Conversely, your husband would not have any liability with regards to a property subject to a mortgage owned solely by you. Please let me know if you have any further questions! I can be reached via email at: [email protected] or [email protected]. Thanks!

Hope this helps you:

(750 ILCS 65/5) (from Ch. 40, par. 1005)

Sec. 5. Neither husband or wife shall be liable for the debts or liabilities of the other incurred before marriage, and (except as herein otherwise provided) they shall not be liable for the separate debts of each other, nor shall the wages, earnings or property of either, nor the rent or income of such property, be liable for the separate debts of the other.

(Source: R.S. 1874, p. 576.)