If your ex was assigned to pay the mortgage after your Illinois divorce and stopped paying, your credit and home could be at risk. Keep reading to explore the options available under Illinois law and the importance of prompt consultation with a determined Peoria Divorce Lawyer. Courts have established legal avenues to address these specific types of financial non-compliance. Acting quickly can help minimize the potential damage to your financial future.
Does Your Divorce Decree Protect You from Mortgage Default in Illinois?
Under the Illinois Marriage and Dissolution of Marriage Act (IMDMA), a divorce judgment only dictates the terms between you and your ex. It holds no legal authority over your mortgage lender. Viewing these as a single issue is a major mistake, as they are legally distinct agreements. Failing to distinguish between a divorce agreement and your home loan obligations is a costly oversight many make following a divorce.
In the unfortunate event that your ex stops making mortgage payments, the lender is entitled to pursue either party named on the loan. Missed payments can destroy your credit score, lead to foreclosure proceedings, and force an ongoing financial link to your ex. That said, it’s in your best interest to enlist the help of a qualified divorce lawyer at Butler, Giraudo & Meister, P.C., who can help you determine the best course of action.
What Are Your Legal Options?
If your ex stops paying the mortgage following your divorce, your primary legal options include:
- Filing a petition to enforce the divorce judgment: If your ex was assigned to pay the mortgage in the divorce decree, the court can compel compliance.
- Pursuing a contempt finding: Ask the court to hold your ex in contempt for disregarding the terms of the divorce agreement.
- Exploring refinancing: Try to remove your name from the loan. This is a viable option if your ex can qualify for a new loan independently.
- Considering a court-ordered-sale: If neither party can sustain the mortgage, you may sell the property and distribute the proceeds. This is the most straightforward resolution to escape joint liability.
Can You Modify or Enforce a Judgment After It’s Final?
In Illinois, the court typically handles post-judgment enforcement matters, particularly regarding financial responsibilities such as mortgage contributions. This process doesn’t reopen the entire divorce settlement. Instead, it ensures your ex fulfills the obligations previously established by the court. Initiating these legal measures is an effective way to secure compliance with your existing decree. Furthermore, it may provide an opportunity to recover any financial damages incurred due to the default on mortgage payments.
Contact Butler, Giraudo & Meister, P.C. today to schedule a consultation and discuss the next steps you should take. Our legal team is prepared to walk you through your options and help safeguard your financial future.
