Legal Question in Real Estate Law in Illinois

Re: mortgage/title property issue

Hello. I don't think this is such a good idea

especially since they are not married. At least, in my opinion, this is not a good idea

for your son. In many instances, the name on

the mortgage dictates who gets what in the event

of a dispute. For instance, if your son breaks

up with his girlfriend and they end up in court,

the court may determine that he did not contribute to the purchase of the condo since

his name is not on the mortgage. This would

be bad news for your son and he could walk away

with nothing. In effect, the girl friend has

two badges of ownership; her name is on the mortgage and on the title. However, your son

will only be on the title. Also, if there is

a foreclosure and (god forbid) your son's girlfriend were to die or become incompetent, the

mortgage company, in my opinion, would not be

obligated to negotiate or talk with your son at

all. The morgage company might view him only as

a tenant. I am sure you have additional questions that I will be happy to answer.