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What is Redemption of the property under the Illinois Mortgage Foreclosure Act?
Written by: Ahmad Tayseer Sulaiman
Reputation Level 13
Posted over 2 years ago. Applies to Illinois, 11 helpful votes, 1 comment
1
Redemption DefinedRedemption is the act of paying off the delinquent loan in full. 2
The Borrower Must Pay Off The Entire Loan Balance and Other FeesRedemption is paying everything that is owed: principal, interest, cost of collection and Foreclosure and Attorney fees. You have the right to pay off the loan during the redemption period which, for residential property, expires 7 months from the date of service of the foreclosure complaint or 3 months from the date the judgment of foreclosure is entered, whichever is later. For example, in Cook County customarily the sale is set for a date after which the right of the redemption has expired. If the property goes back to the Lender after the sale there is a short period in which the property can be redeemed within certain other exceptions. The time periods change from time to time. Our Attorneys are versed in this right and the important time constraints. Commonly, Redemption occurs either through a sale or a refinance of the property. 3
Is Redemption Commonly UtilizedThe reason Redemption is not commonly utilized is because very few people who are having financial difficulty have access to potentially hundreds of thousands of dollars to payoff the loan balance and other fees. However, a qualified Attorney will know how to effectively use the protections of the right to Redemption to secure a more favorable outcome for the Client. Related Questions1 Attorney answers: 
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