What is the Right of Redemption?

The Illinois Mortgage Foreclosure Law provides for a right of redemption. This means that after a judgment is entered against you, you have 90 days to pay off the full balance of the judgment amount, which can include interest, court costs, and attorney's fees. The date of the judgment is critical; even if you file a bankruptcy or file a separate lawsuit against your lender, this 90 day period continues to run. The IMFL is very clear on this point. Once the right of redemption has expired, it cannot be revived.

The redemption amount will consist of the full value of the loan, costs and penalties, as well as the lender's attorney's fees. Most borrowers don't have the funds to redeem - if they did, they likely would not be in foreclosure in the first place. However, fortunes can change. In the event that you find yourself with the ability to redeem your mortgage, you can exit the foreclosure lawsuit with your loan paid in full. For all practical purposes, the right of redemption provides some extra breathing room before the lender can proceed with a sheriff's sale. Until the right of redemption has run, a sale cannot be conducted.

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