Re: Illinois foreclosure question

Posted by Irwin Prince on November 26, 2003 at 05:10:41:

In Reply to: Re: Illinois foreclosure question posted by Darryl-CA on November 22, 2003 at 10:57:54:

To answer your question about a deed in lieu, yes, it would require both parties to sign off to the lender. (I'm assuming that you did put this lady's name in title jointly by way of a recorded deed)
Assuming that the property would sell for enough to pay off the mortgage, a forced sale by way of a partition suit, as suggested by Daryl, is about the only way to go. But it's better than either a Deed in Lieu or letting it go to foreclosure. If there's equity over and above the mortgage balance (there should be if you've continually improved it for three years) you should assert a claim for reimbursement of money that you spent for improvements and mortgage payments before any net equity is divided. Also, as a joint owner, you have as much right to possession as she does. So if she moved out, you can move in and change the locks if you wish.

: Hello,

: I think in your case it will be necessary to file a partition suit in Superior Court. Everyone with a recorded interest is brought into court as a defendant.The judge will order the property sold and each owner will receive sales proceeds proportionate to his or her ownership interest.The court-ordered sale accomplishes what persuasion could not,and the other owner is forced to accept the money instead of keeping the property.

:
: : Hello,

: : I am involved in a situation where I had moved into a home with a lady and she decided we would sell the home and purchase a bigger home. When the new home was purchased(in Illinois) she applied a portion of the sale money to the down payment. Because of her credit, the mortgage and deed were put in my name. For three years I made each mortgage payment and performed continual renovation and resoration work. Because of very different moral and ethical differences I asked her to move out in April 2003. My intent was to sell the property and split the proceeds with her. I agreed to allow her a few weeks to find a place to live. She proceeded to change the locks on the house, and take posession. Wanting to avoid a court battle I agreeded to sell her the house at the payoff price. To do this her lawyer wrote up a quit claim deed to have her name added to the property. To make a long story shorter, over six more months have passed and she has backed out of the agreement. She has moved out of the property recently, but still has me locked out. She will not sign back off of the deed, and allow me to proceed with a sale to prevent foreclosure. I fear foreclosure may be the only option to finalize the seperation of our legal ties. I have read of deed in lieu of foreclosure, but does this require both parties on the deed signing over to the mortgage company? What are my options? Thanks, J

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Comments:

: To answer your question about a deed in lieu, yes, it would require both parties to sign off to the lender. (I'm assuming that you did put this lady's name in title jointly by way of a recorded deed)

: Assuming that the property would sell for enough to pay off the mortgage, a forced sale by way of a partition suit, as suggested by Daryl, is about the only way to go. But it's better than either a Deed in Lieu or letting it go to foreclosure. If there's equity over and above the mortgage balance (there should be if you've continually improved it for three years) you should assert a claim for reimbursement of money that you spent for improvements and mortgage payments before any net equity is divided. Also, as a joint owner, you have as much right to possession as she does. So if she moved out, you can move in and change the locks if you wish.

: : Hello,

: : I think in your case it will be necessary to file a partition suit in Superior Court. Everyone with a recorded interest is brought into court as a defendant.The judge will order the property sold and each owner will receive sales proceeds proportionate to his or her ownership interest.The court-ordered sale accomplishes what persuasion could not,and the other owner is forced to accept the money instead of keeping the property.

: :

: : : Hello,

: : : I am involved in a situation where I had moved into a home with a lady and she decided we would sell the home and purchase a bigger home. When the new home was purchased(in Illinois) she applied a portion of the sale money to the down payment. Because of her credit, the mortgage and deed were put in my name. For three years I made each mortgage payment and performed continual renovation and resoration work. Because of very different moral and ethical differences I asked her to move out in April 2003. My intent was to sell the property and split the proceeds with her. I agreed to allow her a few weeks to find a place to live. She proceeded to change the locks on the house, and take posession. Wanting to avoid a court battle I agreeded to sell her the house at the payoff price. To do this her lawyer wrote up a quit claim deed to have her name added to the property. To make a long story shorter, over six more months have passed and she has backed out of the agreement. She has moved out of the property recently, but still has me locked out. She will not sign back off of the deed, and allow me to proceed with a sale to prevent foreclosure. I fear foreclosure may be the only option to finalize the seperation of our legal ties. I have read of deed in lieu of foreclosure, but does this require both parties on the deed signing over to the mortgage company? What are my options? Thanks, J

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