15-1603.Redemption.
Article XV. Mortgage Foreclosure · Part 16. Reinstatement and Redemption · Last amended 2025 · Last verified July 20, 2026
Full Text of 735 ILCS 5/15-1603
Plain-English Summary
Only an owner of redemption can redeem foreclosed property, and only during the redemption period this section sets, if that right hasn't been validly waived. For residential real estate, the period runs until the later of 7 months after all mortgagors were served (or submitted to the court's jurisdiction) or 3 months after the judgment of foreclosure. For every other kind of foreclosure, the comparable figures are 6 months and 3 months. Two shorter periods apply in special circumstances: the later of the expiration of any Section 15-1602 reinstatement period or 60 days after judgment, if the court finds the property is worth less than 90% of the redemption amount and the mortgagee waives any deficiency judgment; and 30 days after judgment if the court finds the property has been abandoned (in that case the reinstatement period itself can't extend beyond the shortened redemption period).
Once the redemption period ends, it doesn't revive, and it keeps running on its own schedule — filing a lawsuit or getting a stay doesn't toll it unless a court has the authority to stay the period itself and does so. In that case the period extends by however many days remained when the stay took effect, or 30 days after the stay ends, whichever is later.
The amount required to redeem is precise: the full sum stated in the judgment (principal, accrued interest, allowed costs, court-approved costs and fees, amounts paid under Section 15-1505, and per diem interest at the mortgage rate through the redemption date) plus any further court-authorized expenses the mortgagee incurs between judgment and redemption. A redeeming owner must give the mortgagee's attorney written notice of intent to redeem at least 15 days (excluding Saturdays, Sundays, and court holidays) before the chosen redemption date, and the mortgagee must certify any additional expenses at least 3 days before that date — or forfeit the right to collect them.
Payment goes to the mortgagee or its attorney by the redemption date; if the mortgagee refuses payment, or the owner disputes the certified expenses, the owner instead pays the clerk of the court along with a written objection, and the court later decides how to divide the disputed funds. Property that isn't redeemed by the deadline goes to sale.
Frequently Asked Questions
How long does a homeowner have to redeem residential property after foreclosure?
Until the later of 7 months after all mortgagors were served with summons (or otherwise submitted to the court's jurisdiction) or 3 months after entry of the judgment of foreclosure.
Is the redemption period shorter for non-residential foreclosures?
Yes — it ends at the later of 6 months after service or submission to jurisdiction, or 3 months after judgment, instead of the 7-month figure used for residential property.
Can the redemption period be cut to 30 or 60 days?
Yes. It ends at the later of the expiration of any Section 15-1602 reinstatement period or 60 days after judgment, if the property's value is under 90% of the redemption amount and the mortgagee waives any deficiency judgment. It ends 30 days after judgment if the court finds the property abandoned — and in that case the reinstatement period can't run past the shortened redemption period.
What exactly must an owner pay to redeem the property?
The full amount in the judgment — principal, accrued interest, allowed costs, court-approved fees, Section 15-1505 amounts, and per diem interest to the redemption date — plus any further court-authorized expenses the mortgagee certifies under subsection (e).
How much notice must an owner give before redeeming?
At least 15 days (not counting Saturdays, Sundays, or court holidays) before the chosen redemption date, sent in writing to the mortgagee's attorney of record.
Amendment History
(Source: P.A. 104-417, eff. 8-15-25.)