Redemption and Deficiency Judgments in Illinois
Whether you can buy back your home after a foreclosure sale in Illinois, and whether the lender can sue for what's still owed.
Short answer: For residential real estate, the owner may redeem (pay off the amount due) until the later of 7 months after all mortgagors are served or otherwise submit to the court, or 3 months after the judgment of foreclosure. 735 ILCS 5/15-1603
| Redemption after the sale | For residential real estate, the owner may redeem (pay off the amount due) until the later of 7 months after all mortgagors are served or otherwise submit to the court, or 3 months after the judgment of foreclosure. The redemption period also cannot end before the reinstatement period expires. For other property the 7 months is 6 months. Redemption must occur during this period, which runs before the judicial sale. Source: 735 ILCS 5/15-1603 |
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| Deficiency judgments | Yes, unless the Foreclosure Law expressly prohibits it. In the order confirming the sale, the court enters a personal judgment for any deficiency against a party if otherwise authorized and to the extent requested in the complaint and proved, but only against parties who were personally served or who appeared in the case. Source: 735 ILCS 5/15-1511, 5/15-1508(e) |
More Illinois foreclosure & homeowner law
- How Foreclosure Works in Illinois
- HOA Liens and Foreclosure in Illinois
- Getting Your Home Back After a Tax Sale in Illinois
- All Illinois foreclosure & homeowner law rules
FAQ
Is there a right of redemption after foreclosure in Illinois?
For residential real estate, the owner may redeem (pay off the amount due) until the later of 7 months after all mortgagors are served or otherwise submit to the court, or 3 months after the judgment of foreclosure. The redemption period also cannot end before the reinstatement period expires. For other property the 7 months is 6 months. Redemption must occur during this period, which runs before the judicial sale.
Can the lender come after you for the rest of the loan after foreclosure in Illinois?
Yes, unless the Foreclosure Law expressly prohibits it. In the order confirming the sale, the court enters a personal judgment for any deficiency against a party if otherwise authorized and to the extent requested in the complaint and proved, but only against parties who were personally served or who appeared in the case.
General legal information, not legal advice. Laws change and local rules can differ; check the linked official source or talk to a lawyer about your situation.