Posted by Tim Jensen on May 28, 2000 at 19:52:11:
Let me get a little more in depth on the right of redemption for foreclosures in Illinois.
In IL, once they file a lawsuit the first court date is usually 4-6 weeks after the case is filed. Then if the defendant does no show up the Bank gets a default judgement. Then from the date of the judgement the owner has a six month right of redemption, unless the bank asks for a shorter redemption period. That is rarly asked for. then after the redemption period, the bank has a sale about 4-8 weeks after the redemption period expires. These are not exact time frames because some banks go through the foreclosure process quicker than others.
As for Tax Liens. The right of redemption for the owner is 2.5 years in Illinois. All in all it can take a Tax lien buyer about 3 years to get a deed.
Hope this helps,