Legal Question in Real Estate Law in Illinois

Re: Could spouses bad credit and debts affect mortgage if his name is not on the

Your question is larger than a mortgage question. If you can qualify for the mortgage without considering your spouse's credit, it shouldn't affect your ability to get a mortgage. However, under the Illinois Family Necessities Act, all of your assets, including your home, are exposed to your spouse's liabilities for certain types of debt, including credit cards, for "family necessesities" in maitaining the marital residence. Also, if you file a joint tax return, your liability for both spouses' taxes is not limited, and, in effect, your assets are exposed to the spouse's tax liability. Our comments are based on the question you asked, and your question is being treated by us as a hypothetical. Accordingly, our comments could be substantially and materially different were we advised of all of the relevant facts and circumstances. Our comments are by necessity general in nature, and should not be relied upon in taking or forgoing action in your circumstances without retaining an attorney. In order to fully explore your legal matter, you should meet with us or another attorney and bring to any such meeting all relevant documents and correspondence, and any other relevant facts.

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As you are aware, in Illinois there are various deadlines for filing a complaint, filing an answer to a complaint, or taking other action in order to preserve your legal rights, and avoid a complete loss of those rights. You should retain counsel immediately in order to be fully advised of your rights, and to be fully informed of the applicable time period within which those rights must be asserted. If you were to delay in doing so, it might result in your potential cause of action being forever barred.