What happens when a house goes into foreclosure in Wisconsin?

by oliver on September 30, 2010

Question:

What happens when a house goes into foreclosure in Wisconsin?

Answer:

The foreclosure process is usually handled by the federal court, therefore, it begins with a judge’s order of foreclosure. Once the judge grants and orders the foreclosure of your property or home, the lender will have the right to sell your property in order to recover the losses he acquired because of your default. The borrower will be given a redemption period ranging from 2 to 12 months. This period is given to the homeowner in order for him to reclaim rights to the property by paying the total amount of debt owed, plus the loan fees and interest. If the homeowner was not able to reclaim the property, the foreclosure sale will push through.

In the foreclosure sale, the property is sold to the public thru auction. The one who gives the highest bid on the property wins the right to take over the place. If the previous owner of the property is still staying in the house after the auction, the new owner may request for an eviction process. A notice of eviction will be given to the previous owner, ordering him to leave the property at once. If he still insists on staying in the property, the court will order law enforcements to remove the occupant as well as his belongings from the home.

Leave a Comment

Previous post:

Next post: