Mortgage Assumption in Home Sale, Buyer Stopped Paying (IL)
Illinois Jul 23, 2026
Asking for my uncle, who is a senior and has moved to assisted living, so no dependency on this property. He sold his home (deed in his name, mortgaged through Chase) via a warranty deed and "lien assumption" contract to an unrelated 3rd party, private individual. He said he received some cash from the buyer, and the amount seems close to what is described on the sale documents. After the sale the buyer moved in, and after a few months stopped making payments on the mortgage. There is still a substantial balance remaining on the mortgage. Firstly, in general is this kind of sale legal in Illinois? Assuming so, then it seems my uncle has no remaining claim on the property. So secondly, can he simply allow Chase to foreclose on the property without risking any of his own separate assets (savings accounts, retirement savings accounts)? If Chase could force him to make payments, that would turn this into a huge mess. Location: Illinois
