Legal Question in Real Estate Law in Illinois
Mortgage release letter
Brief: i quit-claimed the house to my ex-husband in 2005. It was recorded.
Unfortunately, he did not follow up with the mortgage co. And did his part. So now the release letter is in both of our names. What does that mean for him as well as for myself? Do i still have any claim to this house, eventhough i quit claimed it to him? Since the release letter has both of our names on it, how can i benefit from it?
What are my options? I guess, he's trying to sell it and can't. How come?
1 Answer from Attorneys
Re: Mortgage release letter
The realease letter simply releases yourself and your ex-husband from any responsibility to repay the mortgage. It's been paid off.
You have no rights in the property..
You bebefit by not having -any- responsibility to pay the mortgage. Lenders usually try to make as many people as possible be responsible for the payment of the mortgage. Even though your name was off the title for the house, it probably was not off the note. you are fortunate that your ex did not walk away and leave you holding the bag.
As far as having clear title, to the house there is no legal problem to for him in selling the house. The real estate market has vanished.
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