REDEMPTION: WHAT IS A REDEMPTION?

SERVICE: The Law Offices of Sulaiman & Associates will conduct an in-depth study of all the documents and the specific narrative of the Client/Borrower to discover what is the best course of action to be taken in regards to a Redemption Strategy for the Client/Borrower. A Redemption is a tool provided for under the Illinois Mortgage Foreclosure Act that allows the Borrower/Homeowner payoff the Lender in full. The Firm’s goal is to educate our Clients and with our advice and counsel guide our Clients. We are committed to researching, formulating and finally executing the best strategy for our Clients. This is our Commitment to all our Clients.

QUESTION: What is Redemption of the property?

ANSWER: REDEMPTION: Redemption is the act of paying off the delinquent loan in full. Redemption is paying everything that is owed: principal, interest, cost of collection and Foreclosure and Attorney fees. You have the right to pay off the loan during the redemption period which, for residential property, expires 7 months from the date of service of the foreclosure complaint or 3 months from the date the judgment of foreclosure is entered, whichever is later. There are some other considerations as well. For example, in Cook County customarily the sale is set for a date after which the right of the redemption has expired. If the property goes back to the Lender after the sale there is a short period in which the property can be redeemed within certain other exceptions. The time periods change from time to time. Our Attorneys are versed in this right and the important time constraints. Commonly, Redemption occurs either through a sale or a refinance of the property. It is urgent that a default judgment or judgment is not entered against you, as the time-line for the loss of your property or home is accelerated after those events occur.

Please hire competent counselors to properly conduct a proper Redemption if it is possible. Whomsoever you hire to assist you with a Reinstatement, please check their credentials. Please take the time to find and speak to the most qualified people in this Specialized Field of Law. Contact us today at (630) 575 – 8181 for an initial consultation with an Illinois Licensed Attorney.

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YOUR GREATEST ENEMY IS FEAR AND IGNORANCE OF THE LAW.
YOUR GREATEST DEFENSE IS THE LAW.

THE LAW OFFICES OF SULAIMAN & ASSOCIATES, L.L.C. PROVIDES CONSUMER INFORMATION ABOUT THE LAW DESIGNED TO HELP CONSUMERS SAFELY INFORM THEMSELVES OF THEIR OWN LEGAL NEEDS. BUT LEGAL INFORMATION IS NOT THE SAME AS LEGAL ADVICE, WHICH IS THE APPLICATION OF LAW TO AN INDIVIDUAL'S SPECIFIC CIRCUMSTANCES. ALTHOUGH WE GO TO GREAT LENGTHS TO MAKE SURE OUR INFORMATION IS ACCURATE AND USEFUL, WE RECOMMEND YOU CONSULT A LAWYER TO ADDRESS THE NEEDS OF YOUR PARTICULAR SITUATION. PLEASE CONTACT OUR OFFICE AT (630) 575-8181 OR EMAIL US AT INQUIRY@SULAIMANLAW.COM FOR COPIES OF THE INFORMATION FOUND HEREIN OR TO SCHEDULE A CONSULTATION WITH A LICENSED ILLINOIS ATTORNEY. THANK YOU FOR YOUR KIND COOPERATION AND UNDERSTANDING.