Legal Question in Real Estate Law in Illinois

This lender made the loan based on two individuals qualifying for the loan. They can enforce the loan against either or both of you. They are not compelled to enforce it against both.

It would not be fair to the lender for either of you to be able to negate your responsibility. It would not be fair to the lender if a divorce court could negate the responsibility. What happens between two individuals is their business, but it does not impact the creditor. If it were not that way, then a lot less people would qualify for loans or people would qualify for lower amounts because lenders would have to assume that they will later get stuck with the worst borrower.

Your options would be to work out a plan, reach a lump sum settlement or file bankruptcy. Even if you now have another home, you may be able to file bankruptcy and you should give it serious consideration if this is a substantial obligation. You should especially consider it if you have other debt or may be on the hook for other debt that your ex-husband assumed.

The scope of this space does not afford an opportunity to assess the situation and advise you. I recommend you assemble for legal consultation: (1) your income information for February 2013 through the present, including wages and unemployment during that period; (2) all your bills (copies neatly assembled, back pages included); (3) last four years� tax returns; (4) a credit report (use www.annualcreditreport.com to obtain free report if not requested in last year); and (5) other information that may apply, such as copies of lawsuits. Call at your earliest convenience to afford the most opportunity in which to be advised about your best course. You are not required to use an attorney in your area.

I do not recommend filing bankruptcy on your own. There are too many complex issues. I have seen several posts on this site for debtors who filed on their own and are seeking counsel concerning complications. Most of them will have a hard time finding an attorney to get involved to unwind the mess without the attorney charging several times what would originally have been paid.