Bradley v. Lightcap

It is a rule of universal application that where a mortgagor, after foreclosure and sale, allows the time of redemption fixed by the statute and decree of foreclosure to expire without justifiable excuse, failing to make redemption his rights are forever gone. In Stephens v. Illinois Mutual Ins. Co. 43 Ill. 327, the question being whether a mortgagor had an insurable interest in the mortgaged property after a decree of foreclosure and sale, we said (p. 331): “At the time of the fire, then, the' position of Stephens was substantially that of a mortgagor with a right to redeem. * * * That in…