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91_HB1781
LRB9105136WHpr
1 AN ACT to amend the Code of Civil Procedure by changing
2 Sections 15-1603.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Code of Civil Procedure is amended by
6 changing Section 15-1603 as follows:
7 (735 ILCS 5/15-1603) (from Ch. 110, par. 15-1603)
8 Sec. 15-1603. Redemption.
9 (a) Owner of Redemption. Except as provided in
10 subsection (b) of Section 15-1402, only an owner of
11 redemption may redeem from the foreclosure, and such owner of
12 redemption may redeem only during the redemption period
13 specified in subsection (b) of Section 15-1603 and only if
14 the right of redemption has not been validly waived.
15 (b) Redemption Period.
16 (1) In the foreclosure of a mortgage of real estate
17 which is residential real estate at the time the
18 foreclosure is commenced, the redemption period shall end
19 on the later of (i) the date 7 months from the date the
20 mortgagor or, if more than one, all the mortgagors (A)
21 have been served with summons or by publication or (B)
22 have otherwise submitted to the jurisdiction of the
23 court, or (ii) the date one month 3 months from the date
24 of entry of a judgment of foreclosure.
25 (2) (Blank) In all other foreclosures, the
26 redemption period shall end on the later of (i) the date
27 6 months from the date the mortgagor or, if more than
28 one, all the mortgagors (A) have been served with summons
29 or by publication or (B) have otherwise submitted to the
30 jurisdiction of the court, or (ii) the date 3 months from
31 the date of entry of a judgment of foreclosure.
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1 (3) (Blank) Notwithstanding paragraphs (1) and (2),
2 the redemption period shall end at the later of the
3 expiration of any reinstatement period provided for in
4 Section 15-1602 or the date 60 days after the date the
5 judgment of foreclosure is entered, if the court finds
6 that (i) the value of the mortgaged real estate as of the
7 date of the judgment is less than 90% of the amount
8 specified pursuant to subsection (d) of Section 15-1603
9 and (ii) the mortgagee waives any and all rights to a
10 personal judgment for a deficiency against the mortgagor
11 and against all other persons liable for the indebtedness
12 or other obligations secured by the mortgage.
13 (4) (Blank) Notwithstanding paragraphs (1) and (2),
14 the redemption period shall end on the date 30 days after
15 the date the judgment of foreclosure is entered if the
16 court finds that the mortgaged real estate has been
17 abandoned. In cases where the redemption period is
18 shortened on account of abandonment, the reinstatement
19 period shall not extend beyond the redemption period as
20 shortened.
21 (c) Extension of Redemption Period.
22 (1) Once expired, the right of redemption provided
23 for in Sections 15-1603 or 15-1604 shall not be revived.
24 The period within which the right of redemption provided
25 for in Sections 15-1603 or 15-1604 may be exercised runs
26 independently of any action by any person to enforce the
27 judgment of foreclosure or effect a sale pursuant
28 thereto. Neither the initiation of any legal proceeding
29 nor the order of any court staying the enforcement of a
30 judgment of foreclosure or the sale pursuant to a
31 judgment or the confirmation of the sale, shall have the
32 effect of tolling the running of the redemption period.
33 (2) If a court has the authority to stay, and does
34 stay, the running of the redemption period, or if the
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1 redemption period is extended by any statute of the
2 United States, the redemption period shall be extended
3 until the expiration of the same number of days after the
4 expiration of the stay order as the number of days
5 remaining in the redemption period at the time the stay
6 order became effective, or, if later, until the
7 expiration of 30 days after the stay order terminates. If
8 the stay order terminates more than 30 days prior to the
9 expiration of the redemption period, the redemption
10 period shall not be extended.
11 (d) Amount Required to Redeem. The amount required to
12 redeem shall be the sum of:
13 (1) The amount specified in the judgment of
14 foreclosure, which shall consist of (i) all principal and
15 accrued interest secured by the mortgage and due as of
16 the date of the judgment, (ii) all costs allowed by law,
17 (iii) costs and expenses approved by the court, (iv) to
18 the extent provided for in the mortgage and approved by
19 the court, additional costs, expenses and reasonable
20 attorneys' fees incurred by the mortgagee, (v) all
21 amounts paid pursuant to Section 15-1505 and (vi) per
22 diem interest from the date of judgment to the date of
23 redemption calculated at the mortgage rate of interest
24 applicable as if no default had occurred; and
25 (2) The amount of other expenses authorized by the
26 court which the mortgagee reasonably incurs between the
27 date of judgment and the date of redemption, which shall
28 be the amount certified by the mortgagee in accordance
29 with subsection (e) of Section 15-1603.
30 (e) Notice of Intent to Redeem. An owner of redemption
31 who intends to redeem shall give written notice of such
32 intent to redeem to the mortgagee's attorney of record
33 specifying the date designated for redemption and the current
34 address of the owner of redemption for purposes of receiving
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1 notice. Such owner of redemption shall file with the clerk
2 of the court a certification of the giving of such notice.
3 The notice of intent to redeem must be received by the
4 mortgagee's attorney at least 15 days (other than Saturday,
5 Sunday or court holiday) prior to the date designated for
6 redemption. The mortgagee shall thereupon file with the
7 clerk of the court and shall give written notice to the owner
8 of redemption at least three days (other than Saturday,
9 Sunday or court holiday) before the date designated for
10 redemption a certification, accompanied by copies of paid
11 receipts or appropriate affidavits, of any expenses
12 authorized in paragraph (2) of subsection (d) of Section
13 15-1603. If the mortgagee fails to serve such certification
14 within the time specified herein, then the owner of
15 redemption intending to redeem may redeem on the date
16 designated for redemption in the notice of intent to redeem,
17 and the mortgagee shall not be entitled to payment of any
18 expenses authorized in paragraph (2) of subsection (d) of
19 Section 15-1603.
20 (f) Procedure for Redemption.
21 (1) An owner of redemption may redeem the real
22 estate from the foreclosure by paying the amount
23 specified in subsection (d) of Section 15-1603 to the
24 mortgagee or the mortgagee's attorney of record on or
25 before the date designated for redemption pursuant to
26 subsection (e) of Section 15-1603.
27 (2) If the mortgagee refuses to accept payment or
28 if the owner of redemption redeeming from the foreclosure
29 objects to the reasonableness of the additional expenses
30 authorized in paragraph (2) of subsection (d) of Section
31 15-1603 and certified in accordance with subsection (e)
32 of Section 15-1603, the owner of redemption shall pay the
33 certified amount to the clerk of the court on or before
34 the date designated for redemption, together with a
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1 written statement specifying the expenses to which
2 objection is made. In such case the clerk shall pay to
3 the mortgagee the amount tendered minus the amount to
4 which the objection pertains.
5 (3) Upon payment to the clerk, whether or not the
6 owner of redemption files an objection at the time of
7 payment, the clerk shall give a receipt of payment to the
8 person redeeming from the foreclosure, and shall file a
9 copy of that receipt in the foreclosure record. Upon
10 receipt of the amounts specified to be paid to the
11 mortgagee pursuant to this Section, the mortgagee shall
12 promptly furnish the mortgagor with a release of the
13 mortgage or satisfaction of the judgment, as appropriate,
14 and the evidence of all indebtedness secured by the
15 mortgage shall be cancelled.
16 (g) Procedure Upon Objection. If an objection is filed
17 by an owner of redemption in accordance with paragraph (2) of
18 subsection (f) of Section 15-1603, the clerk shall hold the
19 amount to which the objection pertains until the court orders
20 distribution of those funds. The court shall hold a hearing
21 promptly to determine the distribution of any funds held by
22 the clerk pursuant to such objection. Each party shall pay
23 its own costs and expenses in connection with any objection,
24 including attorneys' fees, subject to Section 2-611 of the
25 Code of Civil Procedure.
26 (h) Failure to Redeem. Unless the real estate being
27 foreclosed is redeemed from the foreclosure, it shall be sold
28 as provided in this Article.
29 (Source: P.A. 86-974.)