Redemption Calculation Fees Capped at $250

In Public Act 130 of 2019, a revision to the foreclosure by advertisement statute that took effect November 21, 2019, the amount that a foreclosure sale purchaser can charge to calculate the amounts needed to redeem has been capped at $250.  Previously, the statute stated that the purchaser could charge a “reasonable” fee, but some purchasers were taking advantage of the leeway, charging as much as $3,000 to calculate a redemption amount.

© Steve Sowell 2022