IL SB3216

Reduces the statute of limitations for recovery of real property following a judicial foreclosure from 7 years to 3 years after possession is taken, effective 180 days after enactment.

Allows a person in possession of foreclosed property for 3 successive years while paying all taxes to become the legal owner, rather than the current 7-year requirement, if title derives from a judicial foreclosure sale.

Expands the definition of "omitted subordinate interest" in strict foreclosure proceedings to include parties who were named in the foreclosure action but not properly served, or whose judgment was vacated due to lack of jurisdiction over a co-defendant.

Permits reopening of foreclosure proceedings for defendants who were improperly served and, if unsuccessful in defeating the foreclosure, gives them a 90-day redemption period (or 30 days if they occupied the property for 6+ months prior) to reclaim the property.

Provides that vacation or modification of foreclosure judgments does not affect the 3-year limitation periods established by this act, and clarifies that certificate holders retain all existing rights against defendants and the property.