Legal Question in Real Estate Law in Illinois

The condo is yours until the judge issues a Judge's Deed at the end of the foreclosure. You are responsible for association fees until that time. The Assn. can foreclose for non-payment of fees, so if you stop making those as well, the Assn. and the bank will fight it out in court.

If you damage the property during the foreclosure,or at any other time (There is a provision in all mortgages stating that you (and I, for my mortgage) agree to keep the property in salable condition until the mortgage is paid off. This is an example of the legal principle known as 'waste'. Frankly, I don't know how many mortgage holders are pursuing this because "you can't get blood from a turnip." DON'T DO IT, though.

If you know there is no chances of rescuing the house and you have another place to live, you can inform the mortgage company (aka bank) that you are not going to fight the foreclosure and are surrendering the property immediately. You might as well rip the bandaid off and go on.