Legal Question in Real Estate Law in Illinois

Insufficient information. That being said, if you currently have a mortgage on your house, normally you would need to refinance in an amount to pay off the existing mortgage. If you have no mortgage on the house, it will depend on two things primarily: value of your house (appraisal) and your ability to pay (underwriting). If your house is worth less than your current mortgage balance you MAY qualify for certain relief under the "Making Homes Affordable" program that you can google. Among other things if you owe more than the house is worth but have paid your mortgage regularly and meet certain other criteria, you may be able to refinance the entire current balance at a lower interest rate and therefore lesser monthly payment. There are other options including loan modification programs. Start there and then talk to an attorney if you are also in jeopardy of foreclosure.