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I cosigned a loan with an ex years ago and the house is

I cosigned a loan...

I cosigned a loan with an ex years ago and the house is being foreclosed upon. My name is ***** ***** the mortgage and I am wondering the ramifications to me and what my options are.

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

Illinois

Lawyer's Assistant: Has any paperwork been filed?

I received the summons but have not received anything about a court date yet

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Not that I can think of

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Answered in 1 minute by:
2/26/2018
Legal Eagle
Legal Eagle, Lawyer
Category: Legal
Satisfied Customers: 10,210
Experience: Licensed to practice before state and federal court
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Hello! I am a licensed attorney, admitted to practice in state and federal court. I have a nearly 100% satisfaction rating (click here for more info) so all that means is that you can count on me to help today. Because I want to provide you with the most accurate answer possible, do you mind if I take a moment to review your question?

Please keep in mind that our conversation does not include an attorney-client relationship and this is for general information purposes only.

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Customer reply replied 1 month ago
just let me know if you have any other questions

Great, thank you! The system may automatically ask you for a phone call; however, it’s not required that you take it. Bear with me a moment while I review…

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Thank you very much for your considerable patience on this. So, if your name is ***** ***** the mortgage, the ramifications to you are that this foreclosure will show up on your credit report. Typically, what happens is they will send you a notice of foreclosure, the foreclosure may be granted by a judge, then they will sell the home at auction, and then there is usually a difference between the mortgage and the sale price.

In IL, it is a "recourse state," meaning that they may be able to sue you for the remaining amount if they choose. So, it is possible that you may want to consider working on settlement with the lender so you can avoid going to court.

Sometimes, just settling the debt is the easiest thing to do. It doesn't always appear as if it's the easiest thing to do, but every single day lawyers across the country are explaining to their clients that if they just work on settling their debts in a way that makes sense for them and they are going to be in a better position in the long-term. To facilitate your situation, there’s a site that I’ve used in the past where you can find a good template for debt settlement (click here). It's a bit easier (and cheaper) than going through litigation and I have seen it be effective in the past. If you send this letter and they do not respond, then try sending it again to remind them that settling is really what resolving disputes is all about.

How else can I help you today?

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Customer reply replied 1 month ago
I think that will do it for now. Thank you for your help.

The pleasure is all mine! Unless you have additional questions, there’s just a few other things I’d like you to know before we wrap up this conversation:

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Legal Eagle
Legal Eagle, Lawyer
Category: Legal
Satisfied Customers: 10,210
Experience: Licensed to practice before state and federal court
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