Legal Question in Real Estate Law in Illinois

Re: Owner Not on Mortgage

Because you are on the title, you have an interest in the condo. You did not promise to pay the money, so I don't see how your credit would be affected. With everybody on the title of the house, any buyer would not have clear title, so they would have to move the court for a judge's deed.

The mortgage company will try to cut off any interest you have in the condo. This will be done by a Default Judgment if you do not Appear in the foreclosure. If you did file an Appearance, they would probably get a clear title via Summary Judgment.

If the house was sold at auction with you and your brother still on the title you would be entitled to a Surplus if the condo was sold for more than was owed. This is another reason for the mortgage company to terminate your rights. As co-owners of the condo.

You would also have rights as heirs to the property, so they would seek to terminate those rights as well.

If you feel that the condo might bring more than is owed at auction, then file an Appearance so you have the right to Appear in court. You might want to protect any equity there might be in the condo.