WHAT IS THE RIGHT OF REDEMPTION?
Under Illinois law, the right of redemption is a period of time during which a homeowner in foreclosure can save their home by paying off the total mortgage debt.
Redemption prior to judicial sale. The redemption period for residential properties expires at the later of: (i) 7 months after the foreclosure complaint is served, or (ii) or 3 months after the judgment of foreclosure is entered. However, if the underlying property has been abandoned, the redemption period can be reduced to 30 days from the date judgement of foreclosure is entered. The judicial sale of the property cannot take place until this redemption period has expired.
What about the special right of redemption after a judicial sale?
Illinois law also provides a special 30-day right of redemption calculated from the date the judicial sale is confirmed in court, so long as the following conditions are met:
- it is a residential foreclosure,
- the purchaser at the judicial sale is the same lender in the foreclosure lawsuit, and
- the sale price at the judicial sale is less than the total mortgage debt (which debt includes expenses incurred by the lender in the foreclosure lawsuit)
If you are facing a judicial sale and would like to learn more about the right of redemption, you have to act quickly before your right expires. At The Law Center, we are a team of specialists that are passionate about the foreclosure process from start to finish and helping homeowners at the highest level. Our staff and attorneys approach each client and each property as a new challenge, one that requires thorough analysis, zealous representation, and thoughtful strategy. It’s your home, let The Law Center help you defend it.
Call us now and speak with a foreclosure expert on how you can make the foreclosure process work for you -- not against you. (312) 600-8815