Here is a question asked on AVVO.com:

In Illinois foreclosure, when does my name get removed from the property deed?
And therefore, my obligation to pay the HoA (Homeowners’ Association) fee’s is done? I have heard 2 things.
1) Not until the bank that foreclosed finds a new owner and actually SELLS it to them
2) After the foreclosure process, when the bank takes ownership of the house and kicks you out.
I was led to believe it was option 1 because I’ve heard horror stories where people get kicked out by bank, and then 3 years later get a court letter saying that need to show up to court because their property is not up to city code and they’ve come to find out that yes, the bank foreclosed on it, but since they never sold it to anyone else, that owners name was still on the property..

My Answer:

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
BankruptcyLawChicago.com
djw@DWinterLaw.com
312-789-9999
Offices in Chicago, Gurnee, Oak Lawn, and Skokie, IL