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Foreclosure & Alternatives Law

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Does Illinois Law Allow for a Redemption Period After a Foreclosure?

In Illinois, a borrower does not have a right of redemption after a foreclosure sale. However, a borrower does have the right to redeem the property prior to the foreclosure sale. A foreclosure sale cannot occur until the borrower’s right of redemption has expired. The redemption period is between 3 and 7 months after a foreclosure complaint has been filed in court.