The property is yours until it is sold and the deed is legally recorded by the new owner. You have all the rights And responsibilities of ownership until then.
This answer is intended as informational only, and does not constitute legal advice or form an attorney-client relationship between us.
Generally, in Illinois, your name is removed from the deed to the property only after the foreclosure is completed and the property is sold. It may be sold at the foreclosure sale to the bank, or to someone else if that person bids on the property. Once the bank finishes the foreclosure and the sale is confirmed by the court, the bank becomes the owner, and is responsible for the condition of the property.
It is important to speak to an attorney experienced in foreclosure and bankruptcy to discuss the proper steps to take and your best options.
Daniel J. Winter
Offices in Chicago, Gurnee, Oak Lawn, and Skokie, IL
Any advice given is general in nature and cannot be relied upon until the client retains the attorney after a full interview and review of the facts of the situation. No attorney-client relationship exists until a retainer agreement is signed and fees are paid.
The moment you are no longer recognized as the legal owner is after the County Sheriff issues a Sheriff's Deed to the bank or the highest bidder at the sale and the Sale is then confirmed by the Court.
The HoA fees can be a huge burden when the property is in foreclosure especially if you already vacated the house. There are options you have to cutoff your payments to the hoa and save yourself some cash.
1) negotiate to give the property to the association. Most hoa attorneys and boards will be receptive to this. This will immediately cutoff your personal liability and convert it to a liability owed by the property instead.
2) If the hoa refuses find a competent attorney who can help you navigate the process to leave the hoa with no other option but to take the property back.
If you are walking away from the property there is no reason to keep paying find an attorney who can show you how. Here is a website i find helpful. Www.foreclosuredefenselawoffice.com.
This is by no means legal advice in any way, nor on your particular matter. The above statement is an assessment of information based on general principles and legal expertise in the field. We strongly urge you speak to a qualified and competent attorney who can look at your matter in detail and advise on you on the best go forward course and strategy.