Legal Question in Real Estate Law in Illinois

My fiance and I are separating. We have a house and vacation property deeded in both of our names. The loan is only in his name. If I want to buy him out of the house, do I have to take on the entire sum of the loan or only half?


Asked on 6/03/15, 5:04 pm

1 Answer from Attorneys
Elfreda Dockery Law Office of Elfreda Dockery

If the note he signed allows for an assignment, then that is something that should be considered. If not, then you will have to get your own mortgage to buy him out. The mortgage you will get should be enough to cover the amount of the current mortgage on the property.

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Answered on 6/04/15, 7:55 am


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