Finance
In Illinois, the redemption period following a residential foreclosure judgment allows the homeowner to:
AAppeal the foreclosure judgment to the Illinois Supreme Court
BRepurchase the property from the winning bidder after the sheriff's sale
CRedeem the property by paying the full amount of the debt and costs within a specified period after the judgment✓ Correct
DTransfer the property to a family member to avoid the foreclosure sale
Explanation
Under the Illinois Mortgage Foreclosure Law, after a foreclosure judgment is entered, the homeowner has a statutory redemption period to pay off the full mortgage debt plus costs and redeem the property. For owner-occupied residential properties, this period is typically 7 months from service of summons or 3 months from the judgment, whichever is longer.
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