Legal Question in Real Estate Law in Illinois

Re: real estate

That is very strange. I have never heard of any situation where one person owns the property individually, but is not obligated on the loan. Did you sign the mortgage at least? If not, the lender is going to have a heck of a time foreclosing. Lenders are not big on allowing loan assumptions, unless it is a VA or FHA loan. There would be a number of factors which would have to be known in order to tell you if you are entitled to all of the equity--someone else, say a spouse, might be entitled to a portion of the equity. To answer your questions, you should have a real estate attorney review the relevant documents.

Re: real estate

Legally, I don't think it would be impossible to refinance. But as a practical matter, your ability to do so may depend on, among other things, how long you've been in title. I assume you were "quit-claimed" onto title at some point.

Assumption of the mortgage is probably not possible since very few mortgages these days are assumable.

As far as selling the property, you should be entitled to the proceeds unless there are other relevant facts I'm unaware of. For example, if you are married and this is homestead property, your spouse would be entitled to at least $7500 of the proceeds from the sale.

Finally, there is currently a capital gains exemption for your home if you've lived there at least two out of the last five years.

Contact me if you have any other questions.