Legal Question in Real Estate Law in Illinois

signing off on a house in leiu of forclosure

my daughter and her ex have a house together that has been on the market. he took her to court to pay half of mortgage and expenses and then he stopped paying his share. she has heard something about signing off on a house instead of it being foreclosed on. would that be a good option for them. how does it affect the credit as opposed to a forclosure.


Asked on 4/26/07, 1:30 pm

1 Answer from Attorneys
Thomas Moens Moens Law Offices, Chartered

Re: signing off on a house in leiu of forclosure

Deed in lieu of foreclosure is an option. She should contact the lender to determine whether it will adversely affect her credit--usually it does. Her ex will also need to sign any conveyance of the property.

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Answered on 4/26/07, 1:58 pm


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