My ex-boyfriend and I were buying a home together, we broke up about 1 and a half years ago but he didn't want to put the house up for sale. I'm having financial troubles and need him to sell the house or buy me out. What measures should I take to resolve this issue in Illinois?
Answer
Given declining values, one would need to examine the choices in light of the equity in the property and the availability of financing. The best scenario would be both of you recognizing that any court action will take away from the funds available, if any, and therefore do everything possible between you to come to an agreement. If a letter from attorney will help, pointing out that a sale can be compelled, then hire an attorney for that purpose. Otherwise, your remedy is an action to compel partition, with which most homes results in a forced sale rather than a division. The other question to consider is whether doing something will solve your financial issues or only serve as a band-aid. If bankruptcy may be necessary, that may change the perspective entirely. It may be best to consider that now, before you tap into things, rather than waiting.
Answer
I agree w/ Mr. Repay. If the home was intended as your primary residence, there may also be one or more governmental programs (federal and Chicago in particular) that may be of some value but may require your "ex" to take on the entire debt through new financing. I would also have a broker do a valuation for you to get some idea of what economics you're dealing with. Do a little homework on this to be able to work effectively with counsel.
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