Legal Question in Real Estate Law in Illinois

There is not anything you can do to force the bank to release your ex-spouse and allow you to assume the loan solely. Suggestions: (1) Consider whether there is anything you can do to handle some of the other debt. Are you expecting an income tax refund that may allow you to pay off certain bills in full, thereby reducing your required monthly debt payment? Would consolidation help (be careful not to make matters worse, however, with a high interest plan)? (2) Approach the lender again, either after you have taken steps toward Option 1 above, or simply try again, politely, to ask for the matter to be given further consideration. Perhaps another representative or supervisor would look at it differently. Perhaps you can offer additional funds to reduce the balance if you have anything available. (3) Have someone else join you as a co-signor. That person, however, should be advised by an attorney about the ramifications. (4) Refinance elsewhere. A well-recommended mortgage broker may be able to assist you. Sometimes, you will fare better with a small, area lender that keeps their loans in house. (5) Request an extension in your family law case that will allow you to pay down the loan a little and perhaps resolve some of the debt that is creating ratio issues. (6) Consider bankruptcy to eliminate other debt and reduce your ratios. This is a difficult analysis, however, as some lenders will look at it as a positive (you have reduced your debt load), but others will use it against you (your credit has been impacted by a bankruptcy filing). (7) Approach the department of the bank that handles loan modifications and see if they look at it any differently than the others you have been approaching (unless it is all one and the same). (8) Can you make any improvements to the property at modest cost to increase its value and make a refinance more likely?

Note, some of this may depend on how amicably you and your ex-spouse can handle things or how the family court judge would look at things. Are there children involved that the home will benefit now as far as you having a place and years from now as far as you maintaining and gaining the equity? Is your ex-spouse hoping to do something soon where having this on the credit report is limiting? Can you offer cash in a few years from the equity that is likely to be gained?