15-1604.Special Right to Redeem.

This special right only arises in a narrow situation: the property is residential real estate, the buyer at the foreclosure sale was the mortgagee (or its nominee), and the sale price came in below the redemption amount set under Section 15-1603(d). When all three line up, the owner of redemption gets another chance to redeem, running for 30 days after the sale is confirmed.

To exercise it, the owner pays the mortgagee the sale price, the additional costs and expenses listed in the confirmed report of sale, and interest at the statutory judgment rate running from when the purchase price was paid or credited. That's a different, and often smaller, figure than the full redemption amount an owner would owe under the standard redemption process in Section 15-1603.

Once the mortgagee receives that payment, it must assign its certificate of sale — or, if a deed already issued, execute a new deed — over to the redeeming owner, subject to the same kinds of encumbrances (including any deficiency) that would attach on a standard redemption. The mortgagee's right to pursue a personal or in rem deficiency judgment isn't affected, and any resulting deficiency judgment keeps the same lien priority the original mortgage had.