Legal Question in Real Estate Law in Illinois

Re: rights of redemption

The right of redemption is a right which allows a person to pay off the entire loan to retrieve the house. This is usually impossible, but the right is still there.

When the redemption period expires the house can be sold at auction as soon as the next day (August 16 in this case). After the house is sold, the lender will go to court to have the sale confirmed within about two weeks. Seeking confirmation of the sale is at the option of the lender. If you can exceed the amount bid or sell the house for more than the bid the loan company can accept that instead of the auction sale - this is new within the past month.

Once the sale is confirmed, you have a special right of redemption which lasts for thirty days. 1. If the lender buys the house themselves AND 2. if it was for less than was owed, you can buy back the house. If the lender has purchased the house for the amount owed, the thirty day right does not exist. Actually they usually 'pay' themselves the full amount because it is just a bookkeeping transfer.

At the end of the time allowed (see above), an order of Possession will go to the Sheriff and an eviction notice will issue.

Things to watch in eviction:

1. The deputy will almost always tell you that you have 16 days to leave. In a foreclosure, this is incorrect - you have thirty days. If the deputy comes back in 16 days, you have the right to call the police and have them ejected for trespass.

2. The eviction notice must name everybody living in the house. If there are people who were missed, tell the deputy they have to go back and have the order of eviction amended. If someone moves in just before the eviction notice issues, this would be considered fraud.

If they refuse, leave the house and sue. See room 1303 in the Daley Center for a list of Free and Low Cost Attorneys.

Re: rights of redemption

Walter Palmer did an excellent job of answering your question. I would just add a few things: a right of redemption means you have the right to pay off the loan in full while a right of reinstatement means you can bring the loan current by paying off the amount you've fallen behind (plus all kinds of fees).

Again, it'll go to sale shortly after the right of redemption expires. Shortly after that, it'll go to a judge for confirmation of the sale. On rare occcasions, you can protest the sale at the confirmation hearing. But usually, an order is entered at the confirmation hearing confriming the sale and allowing for the buyer at the sale to get possession after 30 days. After 30 days, the buyer would go to the sheriff to get possession that way if necessary (the sheriff usually takes a few days to accomplish this because of their backlog).

A few notes: the above is a typical case. I don't know enough about your facts to be more specific than that. Also, you may be able to get a bit of an "inducement" to leave voluntarily. Many times it's easier and cheaper for the buyer (bank or otherwise) to pay you (maybe $500 - $1,000) to move out without hiring the sheriff. Good luck!