Legal Question in Credit and Debt Law in Illinois

You should get an attorney to help. If you signed a loan/mortgage and you are personally liable, the bank can come after you for any "Deficiency" meaning whatever you owed and whatever they can get by selling it off. There ARE some things exempt, in particular social security checks but ONLY as long as you have not "comingled" those monies with others. You may be able to work out a deal with the bank to simply take the property back under what's called a "deed in lieu of foreclosure" where any deficiency could be waived (and normally is) but there are other tax consequences because forgiveness of debt can result in taxable ordinary income and you may not have the money to pay those taxes. Again, talk to an attorney.