Skip to Content
Advocating for the Rights of Our Clients Nationwide 312-313-1613
Top
What is the Special Right to Redeem?

What is the Special Right to Redeem?

Garrett Riley: Exercising the Special Right to Redeem

Garrett, a disc jockey at a local radio station, purchased his home in Romeoville, Illinois for $350,000 in 2006. His home is currently worth approximately $200,000. Garrett had been seeking a loan modification to reduce his monthly mortgage payment. A customer service representative from his servicer told him that he had to be in default on his mortgage payments to qualify for the Home Affordable Modification Program.

Garrett did not know the statement was false, so he stopped making mortgage payments. Garrett's servicer filed a mortgage foreclosure action against Garrett while considering him for the loan modification. Garrett, still hopeful that he would receive his loan modification, did not fight the foreclosure action. The servicer obtained a default judgment against Garrett and took the property to a sheriff's sale. At the sheriff's sale, the only bidder was Garrett's servicer, which bid $200,000 for Garrett's property.

When the default judgment was entered against Garrett, the redemption value of his property was $325,000. This amount represented his unpaid loan balance plus other fees and costs. Since the servicer purchased the property from itself for less than this redemption amount, Garrett possessed the special right to redeem. Garrett had been saving his mortgage payments in a separate account since he stopped paying his mortgage. With those saved payments, plus a loan from a wealthy family member, Garrett was able to exercise his special right to redeem. As a result, Garrett's servicer assigned the bill of sale for Garrett's home back to him, with $125,000 remaining as a lien against Garrett's property. Although Garrett's home still has a lien against it, he now has $75,000 in equity in his property and the foreclosure case has been dismissed.

Hear From Our Happy Clients

Reviews & Testimonials

At Atlas Consumer Law, your satisfaction is our priority! See for yourself what our clients have to say about working with us.

    I was so stressed out, found Atlas Consumer Law & gave them a call!

    I had absolutely NO exceptions going forward with my lawsuit against a company that harassed me for payment! I was at the ...

    Pam S.

    So Helpful & Responsive!

    Everyone at Atlas was so willing to help and so responsive. I'm so grateful for the work they put in on my case! Would highly ...

    Stephanie M.

    Results Fast!

    THEY GOT RESULTS FAST FAST FAST!!!

    Jake B.

    Can Do Attitude All the Way!

    Atlas consumer Law is amazing and they have the CAN DO attitude and will do anything to get the job done.. I highly recommend ...

    Donnie P.

    Thank you for educating me about my rights as a consumer!

    The Atlas Consumer Law Group is Awesome. They promptly took care of my issue with a creditor who tried to ignore my rights as ...

    Belinda W.

    Absolutely Amazing!

    I am absolutely AMAZED at this law group! I started a case in March and got it solved in early May! The debt collector was ...

    Aline G.

    Atlas Consumer Law Goes Above & Beyond!

    Atlas helped us within 6 months more or less and they were an awesome team. I would definitely recommend Atlas Consumer Law ...

    Llyod G.

    Atlas Consumer Law is on Your Side!

    When you need the law on you side call Atlas!

    Arlene B.

Why Choose Atlas Consumer Law?

  • Secured a Fresh Start to Thousands of Consumers
  • Assisted Thousands with Errors on their Credit Reports
  • Secured Millions of Dollars in Recovery for Our Clients
  • Eliminated Over A Billion Dollars of Debt for Our Clients

Contact Atlas Consumer Law Today!

Talk to the leading law firm in the country about your rights for free! Fill out the form below or give us a call at (312) 313-1613 and we would be happy to give you the answers you need to make informed decisions for yourself and your family.

  • Please enter your first name.
  • Please enter your last name.
  • Please enter your phone number.
    This isn't a valid phone number.
  • Please enter your email address.
    This isn't a valid email address.
  • Please make a selection.
  • Please enter a message.
  • By submitting your information or contacting Sulaiman Law Group, Ltd., and/or Atlas Consumer Law ("the firms"), you consent to receive automated communications, including autodialed calls, pre-recorded messages, texts, and emails from the firms, their agents, assignees, affiliates, or any affiliated parties. This consent applies to all contact details you provide, as well as to future communication technologies. Using the internet or other methods to communicate with the firms does not establish an attorney-client relationship; therefore, avoid sharing confidential information through these channels. Please note that all calls may be recorded for quality assurance and training purposes. To opt-out of communications, reply with "STOP" to any text message, click the "unsubscribe" link in any email, or send a written request to the firm's mailing address. Your continued interaction with the firms signifies your acceptance of these terms. You agree to indemnify the firms against any claims arising from the use of these communication methods. The firms are not liable for any communication failures. Disputes arising under this agreement are governed by Illinois law, with jurisdiction exclusively in the courts of DuPage County, Illinois, or the nearest federal district court. These terms are subject to change, and your continued communication with the firms implies your agreement to any such changes. If any part of this agreement is found invalid, the remaining sections will remain effective. This agreement is in compliance with the Telephone Consumer Protection Act (TCPA) and applicable state laws.