Legal Question in Real Estate Law in Illinois
I got married on sept 19th 2009. My wife kept her name and has a townhouse in her name, I have a house in my name. She lives in her house mon-friday. We have been trying to sell her house for over a year and a half, We cant afford two homes. What will happen if her house goes to forclosure? Also will it have a affect on my house?
Thank you
2 Answers from Attorneys
If your wife's house goes into foreclosure then it will not affect your house. If your wife's home goes into foreclosure then the bank will file a legal proceeding where if you lose, the court will order a sale of the house to pay off as much of the money your wife owes on the mortgage as possible. If that happens, your wife will be liable for the difference between what the house sells for at the sheriff's sale and the mortgage.
If you want more than this, there are several good free (meaning they don't charge for their services) foreclosure legal aid services. You can find them through the courthouse or take a look at illinoislegalaid.org
Or if you wife has a large amount of unsecured debt she may consider filing for bankruptcy, which will get rid of the house and her credit card debt.
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