Springfield, IL asked in Foreclosure for Illinois

Q: What is a right of redemption and does Illinois have it?

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1 Lawyer Answer

A: It is the right to pay the balance of the mortgage. If the lender is paid in full , there is no mortgage left to foreclose. 735 ILCS 5/15-1603 provides that this right expires 7 months from the date all mortgagors have been served or 3 months after the entry of a judgment of foreclosure and sale, whichever is later.

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