The Illinois redemption period after a foreclosure sale is:
Question & Answer
Review the question and all answer choices
None - no redemption right
Illinois does provide a statutory right of redemption under the Illinois Mortgage Foreclosure Law; stating there is no redemption right is factually incorrect and would apply to non-judicial foreclosure states, which Illinois is not.
30 days
A 30-day redemption period is far too short and does not reflect any provision of the Illinois Mortgage Foreclosure Law; this figure may be confused with certain notice periods in other states or with Illinois's 30-day right of reinstatement window.
7 months from complaint, or 3 months after judgment
1 year
A one-year redemption period applies in some other states, such as certain circumstances in Michigan or Alabama, but it is not the standard Illinois statutory redemption period under 735 ILCS 5/15-1603.
Why is this correct?
Under 735 ILCS 5/15-1603, the Illinois redemption period expires on the later of: (1) seven months from the date the mortgagor was served with the summons and complaint, or (2) three months from the date the judgment of foreclosure was entered. This 'whichever is later' standard ensures borrowers always receive the full benefit of both timeframes regardless of how quickly or slowly the case moves through court. This is a heavily tested Illinois-specific rule because it differs significantly from the redemption rules of neighboring states.
Continue Learning
Explore this topic in different formats
More Real Estate Financing Videos
Continue learning with related video lessons
Ready to Ace Your Real Estate Exam?
Access 2,000+ free video lessons covering all 11 exam topics.