Illinois Compiled Statutes
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CIVIL PROCEDURE735 ILCS 5/Art. XV Pt. 16
(735 ILCS 5/) Code of Civil Procedure.
(735 ILCS 5/Art. XV Pt. 16 heading)
Reinstatement and Redemption
735 ILCS 5/15-1601
(735 ILCS 5/15-1601)
(from Ch. 110, par. 15-1601)
Waiver of Rights of reinstatement and Redemption.
Residential and Certain Agricultural Real Estate. Except as otherwise
provided in this Article, no mortgagor of real estate
which is residential real estate at the time of such attempted waiver may waive
the mortgagor's rights of reinstatement and redemption, or either of them,
and any such waiver shall be void. Except as otherwise provided in
subsection (b) of this Section, no mortgagor of real estate
which is agricultural real estate at the time of such attempted waiver
may waive the mortgagor's rights of reinstatement and redemption, or either
of them, and any such waiver shall be void.
(b) Other Real Estate. Any corporation or
any corporate trustee of any express trust who is a mortgagor of agricultural
real estate may waive the
mortgagor's right of redemption (i) by
express waiver stated in the mortgage or (ii) by any other waiver in writing
which has been acknowledged by the mortgagor and recorded. A mortgagor of
real estate other than a mortgagor of residential real estate or other
mortgagor who is not otherwise so prohibited by this Article may waive the
mortgagor's right of redemption (i) by express waiver stated in the mortgage or
(ii) by any other waiver in writing which has been acknowledged by the mortgagor
(c) Waiver After Commencement of Foreclosure. After commencement of a
foreclosure proceeding under this Article a mortgagor of residential real
estate or other mortgagor who is otherwise so prohibited may waive the
mortgagor's rights of reinstatement and redemption, or
either of them, if (i) the mortgagor expressly consents in writing to the
entry of a judgment without such right of reinstatement or redemption, (ii)
such written consent is filed with the clerk of the court, and (iii) the
mortgagee consents and agrees to waive any and all rights to a deficiency judgment.
(d) Prior Waivers. Nothing contained in this Section shall invalidate
any waiver of any right of redemption made pursuant to Section 12-124 or
Section 12-125 of the Code of Civil Procedure in effect prior to July 1,
1987 which is contained in any instrument executed prior to July 1, 1987.
(Source: P.A. 85-907.)
735 ILCS 5/15-1602
(735 ILCS 5/15-1602)
(from Ch. 110, par. 15-1602)
In any foreclosure of a mortgage
executed after July 21, 1959, which has become due prior to the maturity
date fixed in the mortgage, or in any instrument or obligation secured by
the mortgage, through acceleration because of a default under the mortgage,
a mortgagor may reinstate the mortgage as provided herein. Reinstatement
is effected by curing all defaults then existing, other than payment of
such portion of the principal which would not have been due had no
acceleration occurred, and by paying all costs and expenses required by the
mortgage to be paid in the event of such defaults, provided that such cure
and payment are made prior to the expiration of 90 days from the date the
mortgagor or, if more than one, all the mortgagors (i) have been served
with summons or by publication or (ii) have
otherwise submitted to the
jurisdiction of the court. When service is made by publication, the first
date of publication shall be used for the calculation. Upon such reinstatement of
the mortgage, the foreclosure and any other proceedings for the collection
or enforcement of the obligation secured by the mortgage shall be dismissed
and the mortgage documents shall remain in full force and effect as if no
acceleration or default had occurred. The relief granted by this Section
shall not be exhausted by a single use thereof, but if the
court has made an express written finding that the mortgagor has exercised
its right to reinstate pursuant to this Section, such relief shall not be
again available to the mortgagor under the same mortgage for a period of
five years from the date of the dismissal of such foreclosure. The
provisions of Section 9-110 of the Code of Civil Procedure shall be
inapplicable with respect to any
instrument which is deemed a mortgage under this Article. The court may
enter a judgment of foreclosure prior to the expiration of the
reinstatement period, subject to the right of the mortgagor to reinstate
the mortgage under this Section.
(Source: P.A. 86-974.)
735 ILCS 5/15-1603
(735 ILCS 5/15-1603)
(from Ch. 110, par. 15-1603)
(a) Owner of Redemption. Except as
provided in subsection (b) of Section 15-1402, only an owner of redemption
may redeem from the foreclosure, and such owner of redemption may redeem
only during the redemption period specified in subsection (b) of Section
15-1603 and only if the right of redemption has not been validly waived.
(b) Redemption Period.
(1) In the foreclosure of a mortgage of real estate
which is residential real estate at the time the foreclosure is commenced, the redemption period shall end on the later of (i) the date 7 months from the date the mortgagor or, if more than one, all the mortgagors (A) have been served with summons or by publication or (B) have otherwise submitted to the jurisdiction of the court, or (ii) the date 3 months from the date of entry of a judgment of foreclosure.
(2) In all other foreclosures, the redemption period
shall end on the later of (i) the date 6 months from the date the mortgagor or, if more than one, all the mortgagors (A) have been served with summons or by publication or (B) have otherwise submitted to the jurisdiction of the court, or (ii) the date 3 months from the date of entry of a judgment of foreclosure.
(3) Notwithstanding paragraphs (1) and (2), the
redemption period shall end at the later of the expiration of any reinstatement period provided for in Section 15-1602 or the date 60 days after the date the judgment of foreclosure is entered, if the court finds that (i) the value of the mortgaged real estate as of the date of the judgment is less than 90% of the amount specified pursuant to subsection (d) of Section 15-1603 and (ii) the mortgagee waives any and all rights to a personal judgment for a deficiency against the mortgagor and against all other persons liable for the indebtedness or other obligations secured by the mortgage.
(4) Notwithstanding paragraphs (1) and (2), the
redemption period shall end on the date 30 days after the date the judgment of foreclosure is entered if the court finds that the mortgaged real estate has been abandoned. In cases where the redemption period is shortened on account of abandonment, the reinstatement period shall not extend beyond the redemption period as shortened.
(c) Extension of Redemption Period.
(1) Once expired, the right of redemption provided
for in Sections 15-1603 or 15-1604 shall not be revived. The period within which the right of redemption provided for in Sections 15-1603 or 15-1604 may be exercised runs independently of any action by any person to enforce the judgment of foreclosure or effect a sale pursuant thereto. Neither the initiation of any legal proceeding nor the order of any court staying the enforcement of a judgment of foreclosure or the sale pursuant to a judgment or the confirmation of the sale, shall have the effect of tolling the running of the redemption period.
(2) If a court has the authority to stay, and does
stay, the running of the redemption period, or if the redemption period is extended by any statute of the United States, the redemption period shall be extended until the expiration of the same number of days after the expiration of the stay order as the number of days remaining in the redemption period at the time the stay order became effective, or, if later, until the expiration of 30 days after the stay order terminates. If the stay order terminates more than 30 days prior to the expiration of the redemption period, the redemption period shall not be extended.
(d) Amount Required to Redeem. The amount required to redeem shall be the sum of:
(1) The amount specified in the judgment of
foreclosure, which shall consist of (i) all principal and accrued interest secured by the mortgage and due as of the date of the judgment, (ii) all costs allowed by law, (iii) costs and expenses approved by the court, (iv) to the extent provided for in the mortgage and approved by the court, additional costs, expenses and reasonable attorneys' fees incurred by the mortgagee, (v) all amounts paid pursuant to Section 15-1505 and (vi) per diem interest from the date of judgment to the date of redemption calculated at the mortgage rate of interest applicable as if no default had occurred; and
(2) The amount of other expenses authorized by the
court which the mortgagee reasonably incurs between the date of judgment and the date of redemption, which shall be the amount certified by the mortgagee in accordance with subsection (e) of Section 15-1603.
(e) Notice of Intent to Redeem. An owner of redemption who intends to
redeem shall give written notice of such intent to redeem to the
mortgagee's attorney of record specifying the date designated for
redemption and the current address of the owner of redemption for purposes
of receiving notice. Such owner of redemption shall file with the clerk of
the court a certification of the giving of such notice. The notice of
intent to redeem must be received by the mortgagee's attorney at least 15
days (other than Saturday, Sunday or court holiday) prior to the date
designated for redemption. The mortgagee shall thereupon file with the
clerk of the court and shall give written notice to the owner of redemption
at least three days (other than Saturday, Sunday or court holiday) before
the date designated for redemption a certification,
accompanied by copies of paid receipts or appropriate affidavits, of
any expenses authorized in paragraph (2) of subsection (d) of Section
15-1603. If the mortgagee fails
to serve such certification within the time specified herein, then the owner
of redemption intending to redeem may redeem on the date designated for
redemption in the notice of intent to redeem, and the mortgagee shall not
be entitled to payment of any expenses authorized in paragraph (2) of
subsection (d) of Section 15-1603.
(f) Procedure for Redemption.
(1) An owner of redemption may redeem the real estate
from the foreclosure by paying the amount specified in subsection (d) of Section 15-1603 to the mortgagee or the mortgagee's attorney of record on or before the date designated for redemption pursuant to subsection (e) of Section 15-1603.
(2) If the mortgagee refuses to accept payment or if
the owner of redemption redeeming from the foreclosure objects to the reasonableness of the additional expenses authorized in paragraph (2) of subsection (d) of Section 15-1603 and certified in accordance with subsection (e) of Section 15-1603, the owner of redemption shall pay the certified amount to the clerk of the court on or before the date designated for redemption, together with a written statement specifying the expenses to which objection is made. In such case the clerk shall pay to the mortgagee the amount tendered minus the amount to which the objection pertains.
(3) Upon payment to the clerk, whether or not the
owner of redemption files an objection at the time of payment, the clerk shall give a receipt of payment to the person redeeming from the foreclosure, and shall file a copy of that receipt in the foreclosure record. Upon receipt of the amounts specified to be paid to the mortgagee pursuant to this Section, the mortgagee shall promptly furnish the mortgagor with a release of the mortgage or satisfaction of the judgment, as appropriate, and the evidence of all indebtedness secured by the mortgage shall be cancelled.
(g) Procedure Upon Objection. If an objection is filed by an owner of
redemption in accordance with paragraph (2) of subsection (f) of Section
15-1603, the clerk shall hold the amount to which the objection pertains
until the court orders distribution of those funds. The court shall hold a
hearing promptly to determine the distribution of any funds held by the
clerk pursuant to such objection. Each party shall pay its own costs and
expenses in connection with any objection, including attorneys' fees,
subject to Section 2-611 of the Code of Civil Procedure.
(h) Failure to Redeem. Unless the real estate being foreclosed is redeemed
from the foreclosure, it shall be sold as provided in this Article.
(Source: P.A. 86-974.)
735 ILCS 5/15-1603.5
(735 ILCS 5/15-1603.5)
Strict foreclosure of an omitted subordinate interest.
(a) As used in this Section, "omitted subordinate interest" means a recorded subordinate interest in real estate where:
(1) the real estate is the subject of a foreclosure
action under this Article;
(2) a motion to confirm judicial sale under
subsection (b) of Section 15-1508 is either pending or has been granted;
(3) the interest attached to the real estate prior to
the filing or recording of any notice in accordance with Sections 2-1901 and 15-1503; and
(4) the person who has the interest was not named in
the foreclosure complaint.
(b) The holder of the certificate of sale or any person who acquired title pursuant to Section 15-1509 or any subsequent successor, assignee, transferee, or grantee who discovers an omitted subordinate interest may file a strict foreclosure complaint naming the person who has the omitted subordinate interest as the defendant. A complaint filed under this Section must include substantially the following:
(1) the identity of the plaintiff and how the
plaintiff acquired its interest in the property which is the subject of the strict foreclosure;
(2) the docket number of the prior foreclosure action
and the recording number and date of the mortgage that was previously foreclosed;
(3) the legal description, common address, and parcel
identification number of the real estate which is the subject of the strict foreclosure;
(4) the recording number and a copy of the recorded
instrument identifying the person who has the omitted subordinate interest that is named as the defendant;
(5) the amount of the successful bid at the
foreclosure sale, as stated in the report of sale in the prior foreclosure action, with a copy of the report of sale attached to the complaint;
(6) an allegation that, due to inadvertence or
mistake or such other reason as may be applicable, the person who has the omitted subordinate interest was not made a party defendant in the prior foreclosure action and the omitted subordinate interest was not terminated by the judgment of foreclosure and when the subject property was sold by judicial sale; and
(7) a request for relief setting forth the
redemption period as provided in this Section and identifying a contact by name and telephone number who will accept tender of the redemption amount.
(c) Subject to the objection of the defendant, the court shall enter a judgment extinguishing the omitted subordinate interest.
(d) If the defendant objects to the entry of the judgment, the court, after a hearing, shall enter an order providing either:
(1) that the defendant has not agreed to pay the
amount required to redeem, in which event the court shall proceed to enter the judgment; or
(2) that the defendant has agreed to pay the amount
(e) The amount required to redeem shall be the sum bid at the prior foreclosure sale plus any costs and fees incurred subsequent to the sale for the payment of taxes, preservation of the property, or any other actions taken by the holder of the certificate of sale to protect its interest in the property. The amount required to redeem shall not include any costs or fees incurred by the plaintiff in the strict foreclosure case filed under this Section.
The order shall state that upon payment of the redemption amount within the redemption period, which shall extend 30 days after the entry of the order, title to the real estate shall vest in the defendant who redeems pursuant to this Section. If the defendant subject to the order has not paid the amount required to redeem within the 30-day redemption period, the interest of the defendant in the property is terminated.
(f) A person whose omitted subordinate interest was not terminated by a prior foreclosure action does not have a right to file a strict foreclosure action.
(g) Notwithstanding that the person's omitted subordinate interest in the real estate has been terminated pursuant to this Section, nothing in this Section shall be construed to extinguish or impair any claim of such person in the surplus proceeds of a sale held or distributed pursuant to subsection (d) of Section 15-1512 of this Code after the confirmation of the sale of the real estate for which such person had an omitted subordinate interest.
(Source: P.A. 98-1099, eff. 8-26-14.)
735 ILCS 5/15-1604
(735 ILCS 5/15-1604)
(from Ch. 110, par. 15-1604)
Special Right to Redeem.
(a) Circumstances. With
respect to residential real estate, if (i) the purchaser at the sale was a
mortgagee who was a party to the foreclosure or its nominee and (ii) the
sale price was less than the amount specified in subsection (d) of Section
15-1603, then, and only in such circumstances, an owner of redemption as
specified in subsection (a) of Section 15-1603 shall have a special right
to redeem, for a period ending 30 days after the date the sale is
confirmed, by paying to the mortgagee (i) the sale price, (ii) all additional
costs and expenses incurred by the mortgagee set forth in the report of
sale and confirmed by the court, and (iii) interest at the statutory
judgment rate from the date the purchase price was paid or credited as an offset.
(b) Procedure. Upon receipt of such amount, the mortgagee shall assign
to the redeeming owner of redemption its certificate of
sale or its right to such certificate or to a deed. The mortgagee shall
give to the redeeming owner of redemption an executed duplicate of such
assignment, marked "Duplicate", which duplicate the owner of redemption
shall file with the court. If a deed has been issued to the mortgagee
or its nominee, the holder of such deed, or such holder's successor in
title, shall execute and deliver a deed conveying the
mortgaged real estate to
the redeeming owner of redemption subject only to those encumbrances that
would normally arise on title if a redemption were made under Section
15-1603, including a deficiency, if any, resulting from the foreclosure
sale. Nothing contained herein shall affect the right to a personal or in
rem deficiency judgment, and enforcement thereof shall be allowed as provided
by law. Any deficiency judgment shall retain the same priority on title as did
the mortgage from which it arose. The mortgagee, its nominee or its
successors in title shall not permit encumbrances on title arising on or
after the date of the deed to the
mortgagee or nominee caused by or relating
to the mortgagee or its nominee or its successors in title.
(Source: P.A. 86-974.)
735 ILCS 5/15-1605
(735 ILCS 5/15-1605)
(from Ch. 110, par. 15-1605)
Equitable Right of Redemption.
No equitable right of
redemption shall exist or be enforceable under or with respect to a
mortgage after a judicial sale of the mortgaged real estate pursuant to
Section 15-1507 or after entry of a judgment of foreclosure pursuant to
Sections 15-1402 or 15-1403.
(Source: P.A. 84-1462.)