Stop Foreclosure in Wisconsin

 


How to Stop Foreclosure in Wisconsin

Most people who are faced with problems when it comes to their finances easily think that there is no escape from the situation at all. The thing is, although it may be a little bit difficult and oftentimes daunting, there are ways on how a person experiencing a crisis can take advantage of not facing bankruptcy and foreclosure.

There are many ways on how bankruptcy and foreclosure can be avoided. For one, you can take loan modification into consideration. Contact your current lender and apply for a mortgage or automobile type of loan. This type of loan is the most popular type that you can find so if you happen to be approved of this type of loan, chances are you can be saved from being faced with bankruptcy.

The amount of money that you usually pay for your loans is basically adjusted when it comes to mortgages thus making it a lot easier for you to pay off your debts.

Another thing you can consider to take on would be loan consolidation. This type of option allows you to combine all your current debts and payables into one type of loan or one payment in general including credit card and mortgages. This helps in lowering your overall monthly debt payments. This also helps in improving your financial situation and helps you avoid foreclosure and bankruptcy.

Refinancing can also be done. You can simply refinance an existing home mortgage and automobile loan. Although your current lender can assist you with this type of option, it would be best for you to just settle with a new lender to avoid problems with your terms and future discourses.

Hopefully these terms and options can truly help you prevent yourself from being faced with foreclosure and bankruptcy thus giving you the opportunity to own a home and live in it.

Synopsis of Wisconsin Foreclosure Laws

Judicial Foreclosure Available: Yes

Non-Judicial Foreclosure Available: Yes

Primary Security Instruments: Deed of Trust, Mortgage

Timeline: Typically 90 days

Right of Redemption: Yes

Deficiency Judgments Allowed: Yes

In Wisconsin, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.

Judicial Foreclosure

The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, the property will be auctioned off to the highest bidder. However, in Wisconsin, no sale may be made for one year from the date the judgment is entered unless the lender waives the right to a deficiency, in which case the delay is six months, or two months if the property is abandoned. Sales by consent may be earlier.

Non-Judicial Foreclosure

The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A “power of sale” clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the “Power of Sale Foreclosure Guidelines”.

Power of Sale Foreclosure Guidelines

If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows:

  1. The foreclosure notice must be recorded with the county prior to the time the first notice of foreclosure is published. The notice, which must include the time and place of sale, must be published once a week for six consecutive weeks in a newspaper in the county where the property is located.The notice must be served upon the borrower in the same manner that civil process in a lawsuit is served. In instances where the borrower can’t be found, then the notice shall be posted in a conspicuous spot on the mortgaged premises and served on any occupant.

    Said notice must specify the names of the borrower and lender, the date the mortgage was recorded, the amount due at the date of the notice, a property description and the time and place of sale.

  2. The sale must be held at the time and place stated in the foreclosure notice. The winning bidder will receive a certificate of purchase. If necessary, the sale may be postponed.
  3. Unless the foreclosure sale has been confirmed by court order, the borrower has one year (12 months) to redeem the property by paying the amount of the highest bid at the foreclosure sale, plus interest.Wisconsin law allows a foreclosure sale to be confirmed by court order. If the lender states their intentions in the application for sales confirmation, then they may file a deficiency suit. Otherwise, deficiency suits are not allowed.

Where to go to for Foreclosiure Help

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

Stop Foreclosure Early

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