Legal Question in Real Estate Law in Illinois

For the purposes of this response, I'll assume you are absolutely right and that you signed no other documents that tie into the mortgage -- like a guaranty -- you ought to have an attorney completely review the situation . . . With that said.....,

1. credit reporting agencies are not that smart. They will pick up a mortgage foreclosure because your name will have to be on it as a defendant. You can try to explain it, but in Illinois mortgage loans on family homes are considered family expenses and if things go south a creditor can try to get you declared liable too..... Things are such in Illinois that whether a mortgage lender that has your name on a mortgage only and not on the note can do this has not clearly been answered yet, but as the mortgage may expose you to any and all remedies available to the lender, or words like that, or another document does so......enough said?

2. another home...lien? Well, if things go so far as discussed under #!, there are 2 kinds of lien: (a) a general judgment lien against you, so if you try to sell or refi the new place you'll wind up having to pay up any amount on that lien, and (b) not quite a lien but if things go far enough yes under a post-trial citation to discover assets the 2nd place would be identified and potentially at risk for a forced sale...... and (c) garnish? yes if a judgment is entered against you. And PS, the new lender may want your wife on the documents like the mortgage (sound familiar?) to waive off her marital rights in case things go totally south.....

Take your stuff to an attorney for a complete review including your current family picture. There may be other options for you.

The response given is not intended to create, nor does it create an ongoing duty to respond to questions. The response does not form an attorney-client relationship, nor is it intended to be anything other than the educated opinion of the author. It should not be relied upon as legal advice. The response given is based upon the limited facts provided by the person asking the question. To the extent additional or different facts exist, the response might possibly change. Attorney is currently licensed to practice law actively only in the State of Illinois, inactively in Florida. Responses are based solely on Illinois law unless stated otherwise.