In Illinois, a judicial foreclosure sale is not complete until it has been approved by the court. Under Section 15-1508(b) of the Illinois Mortgage Foreclosure Act, the court shall confirm a sale unless it finds that: (i) a notice required in accordance with subsection (c) of Section 15-1507 was not given, (ii) the terms of the sale were unconscionable, (iii) the sale was conducted fraudulently, or (iv) justice was otherwise not done. 735 ILCS 5/15-1508(b). The burden of the party opposing confirmation of the sale must prove that sufficient grounds exist to disprove the sale.

What is the special redemption after the judicial sale is confirmed?

The Illinois Mortgage Foreclosure Act provides for a “special right to redeem” during the 30 day period after a judicial sale is confirmed if 1) a mortgage lender for the property was the purchaser at sheriff’s sale and a party to the action and 2) the judicial sale price was less than the total amount to redeem. During this period, a borrower can pay the price paid at the judicial sale, plus statutory interest from the date the sale, and any additional lender costs approved by the court.

Is there any right to possession after the judicial sale is confirmed?

The final phase in the foreclosure process is the transfer of possession from the borrower to the purchaser at the judicial sale. There is a 30 day period after the judicial sale is confirmed before the purchaser can proceed with a separate action under the Illinois Eviction Act to legally remove a borrower who has not vacated the property. If an eviction order is necessary, the sheriff can proceed to remove the borrower from the property.

At The Law Center, we are a team of specialists that are passionate and up to date about the foreclosure process from start to finish and helping homeowners at the highest level. Our staff and attorneys approach each client and each property as a new challenge, one that requires thorough analysis, zealous representation, and thoughtful strategy. It’s your home, let The Law Center help you defend it.

Call us now and speak with a foreclosure expert on how you can make the foreclosure process work for you -- not against you. (312) 600-8815

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