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In Illinois, you can redeem your home until the later of: seven months after you receive the summons of the foreclosure action (or are served by publication if the lender is unable to serve you the foreclosure papers personally) or. three months after the date that the court enters the judgment of foreclosure.

Redemption period expires The redemption period ends either seven months from the date the mortgagor was served with a summons or three months from the date of entry of the judgment of foreclosure, whichever is later. 735 ILCS 5/15-1603.

What Is A Mortgage Reinstatement? Mortgage reinstatement, sometimes called loan reinstatement, is the process of restoring your mortgage after a mortgage default by paying the total amount past due. You will arrive at the point of a mortgage default after missing payments for several months.

Reinstatement. You have 90 days from the date you are served to reinstate the loan, that is, to bring your loan current and pay off what you owe (past due payments, late fees, costs and fees paid by the lender to foreclose, and other allowable expenses).

You get a special right to redeem for 30 days after the court confirms the foreclosure sale if: the lender (or subsequent loan holder) purchases the home at the foreclosure sale, and. the sale price was less than the total amount you owe, including principal, interest, fees, and costs. (735 Ill.

Mortgages are assigned using a document called an assignment of mortgage. This legally transfers the original lender's interest in the loan to the new company. After doing this, the original lender will no longer receive the payments of principal and interest.