Legal Question in Real Estate Law in Illinois

Re: waiver of homestead exemption

More information is needed.

A waiver of homestead exemption is usually part of a mortgage that allows a lender to foreclose if a payment is missed. That does not affect rights between husband and wife.

Illinois law exempts a home from being seized as security for a loan which has gone sour. Unless, of course, the borrowers have signed an waiver. Because the exemption would prevent the house from being used as security for the loan made to buy the house in the first place, lenders will not make a loan unless the homestead right is waived.