2901cdaf_After_Foreclosure___AllLaw_com___REDEMPTION_AFTER_FORECLOSURE_
[STATE] Illinois Judicial
Yes, within seven months after the foreclosure complaint or three months after final foreclosure judgment, whichever date is later, by paying amount of outstanding mortgage debt plus interest and costs (“Redemption Price”). If fair market value of property at time of foreclosure judgment is less than 90% of Redemption Price and lender waives right to deficiency judgment, borrower may redeem within 60 days after the foreclosure judgment date, or the expiration of any reinstatement period, whichever is later. If foreclosure sale purchaser was foreclosing lender and foreclosure sale price is less than Redemption Price, borrower may redeem within 30 days after confirmation of foreclosure sale by paying foreclosure sale price plus interest and costs.
The Right of Redemption - Redeem a Home After Foreclosure - AllLaw.com
DO BORROWERS HAVE A STATUTORY RIGHT OF REDEMPTION AFTER FORECLOSURE?