Legal Question in Real Estate Law in Illinois

Re: mortgage note

A mortgage company would not release a person's name form the note unless the mortgage was paid off or refinanced. They have no financial incentive to release guarantors. Often this issue arises in divorce situations where an ex-spouse wants his/her name removed from the mortgage since they will not live in the home any longer and have renounced their equity interest. However, a marital settlement agreement is between the partners not with the mortgage company. So to remove a name refinance, sell, or pay off the mortgage.

Re: mortgage note

The person or entity holding the mortgage would execute a Release and Satisfaction.