Rockford, IL asked in Real Estate Law for Illinois

Q: I have a mortgage in my name, but the deed is in both our names. We are breaking up and he wants to stay in house

We have been together for 7 years, engaged for 3

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1 Lawyer Answer
Vincent Anthony Incopero
Vincent Anthony Incopero
  • Elmhurst, IL
  • Licensed in Illinois

A: In short, you need to sell him your interest in the home, payoff the existing mortgage and you should retain an attorney to assist one or the both of you.

To properly protect yourself, he should purchase your interest in the property and get a mortgage to buy you out (pay off the mortgage you owe to the bank).

If you merely transfer your ownership interest in the home to him, you will still remain financially obligated on the mortgage, such that if he fails to pay the mortgage, the bank will institute foreclosure proceedings against you, the borrower.

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