Having your name on the deed simply gives you an ownership interest in the property. Since you have a vested interest, you had to be notified of the foreclosure. As far as the foreclosure goes, only those who signed for the mortgage/loan will be held liable for a deficiency judgment and have a negative effect on their credit report.
Does this advice also aplly to the city of Chicago?
Yes. When a person(s) sign for a loan, they agree to repay the amount borrowed. If they fail to repay it, they can be sued. Only those people who signed it, are held liable.
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