Legal Question in Real Estate Law in Illinois

I try to get rid of my name from home equity loan account.

Since EX was using this loan, He agreed to pay the whole thing when we divorced. But according to loan company , unless EX husband refinance it, they will not be able to get rid of my name from the loan. But EX probably will not have ability to do so because of his bad credit by foreclosure. So I decided to prepare a legal letter by myself with permission from EX ,so that to make sure I will be free from this loan. Our MARITAL residence was foreclosed but sold. And still have liability for 2nd mortgage.

Because I have my own property ( new home), I want to protect my self from this loan liability.

Notarized letter which shows that EX is fully responsible for home equity loan, and Divorce decree ( See below) are enough to prevent me from liability claim ?

ARTICLE VI

REAL ESTATE � MARITAL RESIDENCE

6.1 Description, Ownership. The Parties own as tenants by the entirety

improved real estate commonly known as xxxx Illinois.

EX�s name shall have exclusive use and possession of the marital residence. On or

before the entry of the Judgment of Dissolution,My name shall execute a Quit Claim Deed

in favor of EX�s name thereby transferring all of her right, title and interest in and to the

marital residence to EX�s name. EX�s name shall thereafter be the sole and exclusive

owner of the marital residence pursuant to the terms of this Agreement.

My name shall make a good faith effort to procure a new residence and shall continue

to reside in the marital residence during this time period. My nam shall vacate the marital

residence within twelve (12) months of the date of dissolution of marriage but in no

event, later than xxx, 2011.

6.2 Waiver of Interest. My namereby waives, remises and releases any

and all interest, including the homestead exemption, she may have in and to said property

and has executed, any and all documents, specifically a Quit Claim Deed, necessary to

assure EX�s name�S sole and exclusive possession and ownership of said property.

6.3 Property Tax Deduction. EX�s name shall be solely entitled to take the

property/mortgage interest tax deduction associated with said property.

6.4 Future Obligation. Commencing upon the date of entry of the

Judgment of Dissolution as set forth herein, EX�s name shall pay and defray and be

solely responsible for the mortgage payments, real estate taxes, insurance premiums, and

for any and all other costs and expenses relating to ownership and maintenance


Asked on 8/01/13, 3:15 pm

1 Answer from Attorneys
Stephen Messutta

I think I've previously answered this and providing parts of your marital settlement agreement will not help. Especially because you don't provide all of it where there may be other provisions of importance (obligation to refi, enforcement, etc.). Right now if the lender will not work with you and you are on the loan, you will have to go to court to enforce your rights. You can sign all of the notarized statements you like, and even publish them in the papers, but ultimately you signed the mortgage loan and are responsible for it until it is dealt with.

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Answered on 8/02/13, 8:32 am


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