Legal Question in Real Estate Law in Illinois

Your're not.

by signing the quit claim deed, you only relinquish ownership in the land. you are still under contract with the lender on the mortgage. if you want to discuss further, call me at 312-327-5000.

You are not protected. Assuming you also signed the promissory note, you will still owe the money, and you will no longer have any ownership interest in the real estate. Bad situation.

Not only are you not protected, you LOSE what little control you might have, could trigger a foreclosure, and could wind up creating legal liability for your co-owner that could come back and bite you. If you are having problems HIRE AN ATTORNEY to help sort things out!!!!!!!!!!

The response given is not intended to create, nor does it create an ongoing duty to respond to questions. The response does not form an attorney-client relationship, nor is it intended to be anything other than the educated opinion of the author. It should not be relied upon as legal advice. The response given is based upon the limited facts provided by the person asking the question. To the extent additional or different facts exist, the response might possibly change. Attorney is currently licensed to practice law actively only in the State of Illinois, inactively in Florida. Responses are based solely on Illinois law unless stated otherwise.