In Illinois, being on title generally means that you are an owner of the property. You can own the property alone, or with other people or entities. Being put on title is usually done at the closing or purchase of the property. However, a person can be placed on or taken off of title via quit claim deeds as well and other legal instruments.
What Does Being On The Mortgage And Note Mean?
Being on the note means that individual or entity agreed to be liable for the performance or lack thereof on the note. This means that the one obligated on the note agrees that they will perform on the requirements of the note. One of the chief requirements required by the note is payment, but it is not the only one. Other requirements exist such as keep the property properly insured.
Can I Be Liable On the Note If I Am Not On The Note But I Am On Title?
You do not owe the money to the Lender. However, because you own the property (on Title) you will be served and noted as a defendant in any coming foreclosure action. An option for you would be a Deed In Lieu of Foreclosure with a stipulation that no negative reporting be made to the credit reporting agencies, if that is a concern. Generally, you will not be liable for the note in any way. Please consult with competent counsel in your area if this ever becomes an issue.
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