IL MLO Practice Questions - Illinois Mortgage Loan Originator Exam

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Under the Illinois Mortgage Foreclosure Law (735 ILCS 5/15-1501 et seq.), what is the borrower's right of redemption period?

No right of redemption 3 months from filing of foreclosure complaint 7 months from service of the complaint (or 3 months from entry of judgment, whichever is later) 1 year from the sale

Correct Answer:

7 months from service of the complaint (or 3 months from entry of judgment, whichever is later)

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