Title to real estate is typically held in one of three ways: tenancy in common, joint tenancy and tenancy by the entirety. The salient characteristic of tenancy in common is that each owner holds a ½ interest in the property and that upon an owner’s death, his/her share passes to his/her heir. Joint tenancy’s hallmark …
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Joint Mortgage Debt Means No Tenancy By Entirety Protection for Homeowners
The Illinois First District recently affirmed a mortgage foreclosure summary judgment for a plaintiff mortgage lender in a case involving the protection given to tenancy by the entirety (TBE) property. In Marquette Bank v. Heartland Bank and Trust, 2015 IL App (1st) 142627, the main issue was whether a marital home was protected from foreclosure where it was …
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