Legal Question in Real Estate Law in Illinois

My wife and I both had separate mortgages and homes before we got married. We now reside in my home and her mortgage is $20K underwater with a renter who is behind. If we apply for loan modification on her mortgage do we have to include my income on the application? How do we get out from under this house with the least financial pain? I know, two questions.


Asked on 12/23/11, 5:02 pm

1 Answer from Attorneys
Burton Padove Indiana and Illinois Lawyer, Burton A. Padove

Your question(s) is/are way to complicated for this forum and you should consult a local attorney well versed in loan modifications. That being said, I know that for the ones that I have handled, the income of a spouse who is not on the mortgage is included if any of that spouse's income is used for the mortgage at issue.

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Answered on 12/24/11, 6:16 am


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