Legal Question in Real Estate Law in Illinois

Re: Mortgage medical condition

In my opinion, you have an out. For a contract

to be binding there must be a "meeting of the

minds." If you can prove that your depression

prevented you from understanding the terms of the

contract, or from being able to rationally

understand the extent of the financial obligation

you were assuming, arguably you should be able

to get out of the contract. Of course, it will

be necessary to litigate the issue, but in my

opinion there is a chance. Currently, I have

a client who is a mortgage broker and a lady

with whom he obtained the mortgage has named him

as a third party defendant in a case in which

she is being sued in a foreclosure action. She is claiming that her mental state did not allow her to understand the specifics of the mortgage that my client obtained for her. In Illinois

the Office of the Attorney General is investigating transactions in which people like

yourself have been taken advantage of. I will

be happy to answer any additional questions that

you might have.

Re: Mortgage medical condition

Your options are limited. Clearly, the mortgage lender thought you had the ability to pay the mortgage based on your application. So, this argument, based on a practical application of logic, will fail. If your situation has changed materially since the closing (remember you signed standard documents at the closing that basically said that your situation did not change)then you might seriously consider filing a chapter 13 bankruptcy petition. Since you will be a debtor in possession, you could then either list the property for sale after getting permission from the court, or give it to the Trustee. Just some thoughts; good luck!