Good morning. Unfortunately, Illinois is a deficiency state and does not have a favorable homestead exemption statute. So, the lender does have the right to pursue you for a deficiency judgment and you are liable for the shortfall. Your new property is only protected up to $15,000 in equity. You might want to give your parents a promissory note for the amount paid and a deed of trust to secure that note. That will eliminate the equity in your house. Then, when all this blows over, your parents can then forgive the note as a gift.
I hope this has given you the guidance you were seeking. I wish you the best of luck!
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The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.