Legal Question in Real Estate Law in Illinois

Re: Mortgage respsonsible

Both you and the co-owner of the property are equally responsible for making the mortgage payments on the house. Whatever you fail to pay, the other person will have to make up for(for which he will be reimbursed whenever the house is sold)and vice versa, with respect to anything which this co-owner fails to pay and which you end up paying to keep the property out of foreclosure.

If your relationship has deteriorated to the point where you can no longer live in the house, then you should be attempting to negotiate a buyout of your interest with this person so that he can refinance in his name only which would completely remove

you from having any continuing responsibilty for this property.

Re: Mortgage respsonsible

Each person on a mortgage is responsible for the entire amount under ordinary circumstances. If the mortgage isn't paid, eventually the house will be foreclosed upon; which may not be a big deal to you since you're not living in the house. However, your credit rating will suffer if there's a foreclosure with your name on it.

The best thing to do is to try to come to an agreement with the other person and have him refinance in his name only (which would involve transfering title to him alone as well).

Contact me if you'd like further advice.

Re: Mortgage respsonsible

The other two attorneys are correct--anyone who signed the promissory note is responsible for making the payments. If the payments are not made or are late, this will adversely affect your credit rating. If you cannot come to some agreement, you will have to file a partition action, in which the court will probably order the house to be sold, and any money left after paying off the mortgage and other fees will be divided equitably between the two of you.