Finance
Under the Illinois Mortgage Foreclosure Law, what is the reinstatement period during which a defaulting borrower can stop foreclosure by paying all past-due amounts?
A30 days from the date of first default
B90 days from the date foreclosure suit is filed✓ Correct
CUp to 90 days after the foreclosure judgment is entered
DThe Illinois Mortgage Foreclosure Law does not provide a reinstatement period
Explanation
Under the Illinois Mortgage Foreclosure Law, a borrower has the right to reinstate the mortgage (cure the default) by paying all past-due amounts plus costs and attorney fees. The reinstatement period runs until 90 days after service of process in the foreclosure suit. This is an important protection for Illinois homeowners. After the reinstatement period expires, the borrower can still redeem by paying the full mortgage amount during the redemption period.
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