Legal Question in Real Estate Law in Illinois

Re: real estate law

I agree with Mr. Moens and Mr. Michelotti. However, if this is the home for you, you might also consider having the family member co-sign with you. If you want to go that route, be sure to use an attorney who can draft documents to protectyour rights.

Re: real estate law

The person signing the loan docs will be committing loan fraud if s/he's getting a loan that says s/he's going to live in the property. Not being a criminal attorney, I don't know for sure, but I suspect you could be liable as well for helping them to do so.

In addition, with no written documentation (like a partnership agreement), you could be left out in the cold if they change their mind. Then it's your word against his/hers. If you do have a written agreement with them, that makes the loan fraud situation I talked about above even worse. That's a classic catch-22 situation for starters. And since you never dealt with the bank, they won't care about (and legally won't have to honor) any agreement you have with the title-holder (which they'll have to be since their name is on the mortgage also).

You should either wait until your credit is better as the other attorneys said. Or you can consider non-traditional lenders who will charge a higher interest rate. Contact my office if you'd like me to pursue that route to see if we could find someone who would work with you.

Re: real estate law

r u kidding me?

Do not do this deal. Find a lease purchase. You will be much happier.

Re: real estate law

Bad, bad, bad idea. Just from the limited facts you have presented, it seems obvious that you will be committing mortgage fraud. There are certainly houses with seller financing available. Start fixing your credit, and buy a house legitimately. Don't resort to fraudulent means no matter how much you want this house.