I will like to know how long is redemption period for foreclosure in Chicago or any sources that gives detail info about foreclosure process in cook county i will real appreciate.
The right to redemption may be waived by the borrower in the mortgage instrument, or after the commencement of foreclosure by written consent filed with the clerk of the court, but only if the lender thereupon waives the right to a deficiency. However, waivers signed prior to July 1, 1987, may still be valid. Otherwise, the borrower has the right to redeem the property within seven months from the date the lawsuit to foreclose was filed, or three months after the date the judgment was entered by the court. Other creditors have six months to redeem. The redemption period may be extended by the court. If a bankruptcy court stays (delays) the redemption, then under Illinois law, the redemption runs to 30 days after the stay expires, or the normal period minus the period of the stay whichever is longer. In any case, whether bankruptcy is involved or not, a notice of the intent to redeem must be filed with the court 5 days before the redemption rights are exercised. The amount to redeem the property shall be that specified by the court in its judgment ordering foreclosure. The redemption amount shall be paid to the court clerk. If there is no objection, the clerk will give a receipt for the redemption amount, and the lender must then furnish the borrower with a release of the mortgage or satisfaction of the judgment. If there is an objection, the court will promptly hold hearing and rule on the objection. A special right to redeem exists if the lender attempts to sell the property at foreclosure for less than the court-specified amount. The borrower can then redeem at the price for which the lender tried to sell the property.
I have a smiliar question on another post. Can you read it and offer advice? Its is titled CAN SHERIFF THROW OUT WIFE AND KIDS? Its also in IL pertaining to foreclosure—thanks a lot