The primary risks at this point would be       1) to your lender, the risk of a margin call.       2) To you; underestimating the true cost of a project and cost overruns      3) To you; legal risk of securities regulations if you partner looses money. 

If it does go to probate, hopefully your brothers and you can amicably go the informal route vs formal (I've worked with families in both when buying properties out of probate and informal is FAR easier).Since there's no debt on the house, maybe you could sell with financing or maybe you could even buy out your brothers with financing -- that way you maintain ownership and just pay them a monthly amount.

Meanwhile, your expenses, like debt service, taxes, insurance, and maintenance, continue.These are the requirements necessary to attain and maintain financial independence.

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Consider balancing liability protection with administrative costs, and consult with a CPA to align your structure with your financial and legal goals.This post does not create a CPA-Client relationship.

You and your legal, tax and financial advisors should review this transaction in greater detail, especially the PLRs, to ensure you understand the significant risks involved and are structuring the transaction as close as possible to the PLRs to mitigate some of the risks.

Is there any legal action one can take or is it just a lost cause?

In Illinois, when an agent does that, there are functions normally expected of the realtor that they are legally prohibited from doing.

Most lenders require proof of someone else paying the note for around 9-12 months so that the debt isn't counted in their DTI calculation.