Legal Question in Real Estate Law in Illinois

There are several options you can consider. Among them:

1. Instead of paying the property taxes, be the one who purchases them at the county tax sale. That is assuming that you are not speaking about taxes that have already been sold. If you are able to do it that way and the owner does not redeem, you can obtain a tax deed. Definitely get legal advice to pursue this.

2. Get a note and mortgage from the owner for the amount you are loaning. The down side is that you would probably be in line behind at least one other mortgage and you may not gain anything from your mortgage if it comes to it. Similarly, suing on the note may get you a judgment, but will you likely be able to collect from this person?

3. Get something else as collateral, such as a vehicle. You need to be careful to actually be put on the title as a lien holder.

4. You can be added to title to the property, but that may have pitfalls too.

To evaluate whether this is advisable and the best course, you need to have a face to face with an attorney.

You will need written paperwork to protect you. A loan arrangement with proper security is best in my opinion. You'd need to sit with an attorney and review what kind of security will be of value: if the owner is "under water" because the loan is more than the place is worth, then taking a 2nd mortgage may not really help much if at all.