Legal Question in Real Estate Law in Illinois

No you can't. The lender has the right to agree whether or not to take the property back; that is called a "deed in lieu of foreclosure" and there are legal and tax consequences to you for that kind of result. Since the property is already in foreclosure according to your posting, it's time to consult with an attorney before other unintended consequences occur, including rips to your credit report beyond the foreclosure filing itself.

You may inquire whether the lender will accept a Deed in Lieu of Foreclosure. You may even start by asking if they would offer some incentive to you to handle it that way. Don't get your hopes up though. First, since they are already into the foreclosure, they may not see as great a benefit as they would have months ago. Second, many lenders are only approving deeds in lieu of foreclosure if there is an agreement to pay some or all of the deficiency. It does not hurt to ask though. Otherwise, your concern at this time is the balance that will be due after the proceeds are applied from a foreclosure sale. If that becomes the issue, your next call should be to a qualified bankruptcy attorney in your state to review your debt and asset circumstances.