Wisconsin Foreclosure Help – Stop Foreclosure in Wisconsin

 


Finding Foreclosure Help in Wisconsin

Foreclosure prevention counseling services are provided free of charge by nonprofit housing counseling agencies working in partnership with the Federal Government. These agencies are funded, in part, by HUD and NeighborWorks® America. There is no need to pay a private company for these services.

Milwaukee Field Office

310 West Wisconsin Avenue, Suite 1380
Milwaukee, WI 53203-2289

Phone: (414) 297-3214

Fax: (414) 297-3947

TTY: (414) 297-1423

Jurisdiction: State of Wisconsin

Delbert F. Reynolds
Field Office Director

Office Hours: 8:00 a.m. to 4:30 p.m.

Monday through Friday

Wisconsin Foreclosure Laws Summary

Quick Facts:

  • Judicial foreclosure process is available.
  • Non-judicial foreclosure process is available.
  • The primary security instruments are mortgages and deeds of trust.
  • The timeline can vary by process, which typically takes 90 days.
  • The borrower has rights of redemption.
  • The lender may sue for deficiency judgements.

The judicial and non-judicial processes may be used to foreclose mortgages in default in Wisconsin.

Judicial Foreclosure
This process is used when there is no power of sale clause in a mortgage deal. This would require filing a lawsuit so that the court may order a decree to foreclose and the property may be consequently sold. No sale can be done within 1 year from the date of judgement, but exemptions can be made if the lender waives off his right to sue for a deficiency judgement. In this case, the time is reduced to 6 months. This can be further reduced to 2 months if the property is abandoned.

Non-Judicial Foreclosure
This foreclosure process is used when the power of sale clause is present. This clause gives the lender authority to sell the property in the event of the borrower’s default. The lender or a trustee may sell the property at an auction following the guidelines stated below.

Power of sale Foreclosure Guidelines
The non-judicial process must be carried out as follows if the power of sale clause does not state the terms of sale.

  1. A notice of sale must be sent to the borrower similar to how a civil lawsuit is served. If the borrower cannot be found, the notice must be placed in a conspicuous part of the property. A copy of this notice must also be recorded in the county where the property is located, and it must also be published in the newspaper once a week for 6 weeks. This notice must contain the important details of the foreclosure sale, including the names of the parties involved, description of the property, and the time and place of sale.
  2. A certificate of sale shall be given to the winning bidder at the auction.
  3. A sale may be postponed if needed.
  4. If the borrower wants to reclaim the property, he must pay the price of the property at the sale plus interest.
  5. For a lender to be able to file for deficiency judgements, he must have stated his intention in the application of sales confirmation.