Legal Question in Real Estate Law in Illinois

Obligation to repay mortgage

The son is on title now. The father is applying for a mortgage in his name only and at closing the father and son will be on title.

At closing, the Note is drafted in the father's name and signed by the father only. The Mortgage has both father and son's name and is required to be signed by both, and recorded.

To what extent is the son obligated to this loan? Will the lender report activity on the son's credit or just the father's?


Asked on 10/15/03, 1:27 pm

1 Answer from Attorneys
Jay Pollak The Pollak Law Firm, LLC

Re: Obligation to repay mortgage

So long as the son does not sign the note he is not responsible and can not be sued for any default in the note. However, if the father does not pay and there is a foreclosure suit filed the son is a necessary party to the suit and will definately be sued, not for money but to obtain title to the real estate. I can not comment on the reporting patterns of the mortagage company.

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Answered on 10/15/03, 1:43 pm


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