Illinois Foreclosure - Right of Redemption?

Question

I’m sure a Foreclosure property I’m looking at is still occupied. does any one have experience with Illinois right of redemption?; how long they have to leave once if I win the bid at auction?

Martin M. · Answer

@Noah Masa

In IL the homeowner redemption period ends 90 days after the 'judgment of foreclosure' has been entered by the court.

That 90 days has typically passed by the time the property reaches auction in IL

Jonathan Klemm · Answer

Hey @Noah Masa - Don't quote me and double check but I am almost positive the right of redemption in Chicago, Illinois is 2 years, so the owner has two years to pay off the back taxes before you can get them out.

Maybe @Bob Floss II can confirm?

Bob Floss II · Answer

@Jonathan Klemm Illinois is a Judicial Foreclosure state. At the time of the foreclosure auction, the redemption period has expired. The property has to go back to the confirmation hearing in front of the foreclosure judge and it's extremely hard to stop the sale from being confirmed. If you go north into Wisconsin, it's the polar opposite and homeowners can overturn the foreclosure auction.

Crystal Smith · Answer

If you're purchasing a property at an auction it means that the redemption period has passed.

John Warren · Answer

@Noah Masa the nice thing about the Chicago area is that we are an attorney close area of the country, so you can just build a relationship with a competent real estate attorney who will know all of this stuff inside and out. As an agent, I know the answer, but I would immediately look at the individual property with my attorney anyways so that I don't run into something unforeseen. His team would pull preliminary title and do a quick research job for me so I don't have to worry about this stuff.

Do you have a good RE attorney? Need a referral? This doesn't cost anything normally once you get going since you use that same attorney for all your deals...

Rachel Kokosenski · Answer

@Noah Masa - I'd recommend you contact your local association of realtors to get these questions answered. Here in Michigan, our association answers questions for the public all the time. Just Google, "Illinois Association of Realtors in [insert major city near you]" and you should be able to get the contact information.

Illinois Foreclosure - Right of Redemption?

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