(a) 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.
15-1601.Waiver of Rights of reinstatement and Redemption.
Article XV. Mortgage Foreclosure · Part 16. Reinstatement and Redemption · Not amended since adoption on record · Last verified July 20, 2026
In one sentenceExplains when a mortgagor can give up the right to reinstate or redeem a defaulted loan — never at the outset for residential or most agricultural property, sometimes for other real estate, and only under narrow conditions once foreclosure has already begun.
Full Text of 735 ILCS 5/15-1601
(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 and recorded.
(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.
Plain-English Summary
Illinois protects the reinstatement and redemption rights described later in this Part by making most upfront waivers void. If the mortgaged property is residential real estate, or agricultural real estate outside the narrow exception in subsection (b), any waiver of reinstatement or redemption signed at the time of the mortgage has no legal effect.
Subsection (b) opens two narrower paths for real estate other than residential. First, a corporation or a corporate trustee of an express trust that is a mortgagor of agricultural real estate can waive the redemption right. Second, a mortgagor of real estate that is neither residential nor agricultural — and who isn't otherwise barred by this Article — can likewise waive the right. Either way, the waiver must come through an express waiver written into the mortgage itself or a separate written waiver that the mortgagor acknowledges and records.
Subsection (c) opens a second path that applies to any mortgagor, including one on residential property: after the foreclosure case has already started, the mortgagor may waive reinstatement or redemption if three things line up — the mortgagor consents in writing to a judgment without those rights, that consent is filed with the clerk, and the mortgagee agrees in exchange to give up any right to pursue a deficiency judgment.
Subsection (d) preserves older waivers. It leaves intact any redemption waiver made under the predecessor statutes before July 1, 1987, so long as the document waiving redemption was signed before that date.
Frequently Asked Questions
Can a homeowner give up the right to redeem when signing a mortgage?
No. Subsection (a) makes any such waiver void for residential real estate, no matter what the mortgage document says.
Which mortgagors can waive redemption rights under subsection (b)?
Two groups: a corporation or corporate trustee of an express trust that is a mortgagor of agricultural real estate, and a mortgagor of real estate that is neither residential nor agricultural who isn't otherwise barred by this Article. Either way, the waiver must be an express waiver in the mortgage or a separate writing that the mortgagor acknowledges and records.
Can a mortgagor waive these rights after the foreclosure case is filed?
Yes. Subsection (c) allows it if the mortgagor consents in writing, files that consent with the clerk, and the mortgagee agrees to waive any deficiency judgment.
What does the mortgagee give up in exchange for an in-foreclosure waiver?
The mortgagee must agree to waive any right to a deficiency judgment against the mortgagor.
Does this section undo redemption waivers signed before 1987?
No. Subsection (d) preserves waivers made under the prior statutes in instruments executed before July 1, 1987.
Amendment History
(Source: P.A. 85-907.)
Source & verification. Section text and amendment history are
reproduced verbatim from the Illinois Compiled Statutes, published by the
Illinois Compiled Statutes, Illinois General Assembly / Legislative Reference Bureau. Last verified July 20, 2026.
· Official source
Also known as: waive right of redemption illinoiscan a mortgage waiver of reinstatement be voidillinois residential foreclosure waiver rulesagricultural mortgage redemption waiver illinoiswaive deficiency judgment for foreclosure rightsmortgage waiver signed before 1987 illinois