Property Ownership
In Illinois, what is the right of 'redemption' in the foreclosure process?
AThe lender's right to collect the deficiency after foreclosure
BThe borrower's right to reclaim the property by paying the full debt within a statutory period✓ Correct
CThe court's right to approve the foreclosure sale
DThe buyer's right to receive clear title after the foreclosure sale
Explanation
In Illinois, the right of redemption allows the defaulting borrower (or other parties with an interest in the property) to reclaim the property by paying the full debt, costs, and fees within the statutory redemption period. Illinois has both an equity of redemption (before the sale) and a statutory right of redemption (after the sale) under the Illinois Mortgage Foreclosure Law.
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