(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 this Section 15-1603 and only if the right of redemption has not been validly waived.
15-1603.Redemption.
Article XV. Mortgage Foreclosure · Part 16. Reinstatement and Redemption · Last amended 2025 · Last verified July 20, 2026
In one sentenceSets the redemption period for foreclosed property — generally 7 months (residential) or 6 months (other) from service, or 3 months from judgment, whichever ends later — spells out exactly what a redeeming owner must pay, and lays out the notice and payment procedure.
Full Text of 735 ILCS 5/15-1603
(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 this 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 this Section 15-1603 or Section 15-1604 shall not be revived. The period within which the right of redemption provided for in this Section 15-1603 or Section 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 attorney's 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 this 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 this 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 this 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 this 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 this 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 this Section 15-1603 and certified in accordance with subsection (e) of this 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 this 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 attorney's fees.
(h) Failure to Redeem. Unless the real estate being foreclosed is redeemed from the foreclosure, it shall be sold as provided in this Article.
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.)
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
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