Wisconsin Foreclosure Law

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Wisconsin Foreclosure Laws

Typical Wisconsin Foreclosure Time Frame – Average Wisconsin foreclosure period is approximately 90 days, however it can take up to one year.

Judicial Foreclosure – Yes

Non-Judicial Foreclosure – Yes

Types of Security Instruments – Mortgage and Deed of Trust

Right of Redemption Period – Yes, only until court confirms sale

Wisconsin foreclosure laws provide lenders with both judicial and non-judicial foreclosure options to correct a mortgage that is in default.  A judicial foreclosure may be used in the event of a mortgage contract not including a power of sale clause.  However, if a power of sale clause is included in the mortgage contract then a non-judicial foreclosure must be used.

For a judicial foreclosure in Wisconsin, the lender is required to sue the borrower in order to obtain the courts permission to foreclose.  If the lender waives their right to a deficiency judgment the sale may be held in six months.  If the deficiency is not waived then the lender must wait one year to sell the property.  If however, the property was abandoned it may be sold in two months.  If all parties agree to the sale then it may be held sooner.

In a non-judicial foreclosure the lender is required under Wisconsin foreclosure law to follow all terms and conditions set forth in the power of sale clause.  If the terms and conditions of the sale are not set forth then Wisconsin foreclosure law provides the following guidelines that must be used.

A notice of sale is required to be recorded with the county recorded.  In addition, a copy must be served on the borrower.  Wisconsin foreclosure law also requires that the notice be published a minimum of once a week for a minimum of six consecutive weeks in the public newspaper in the county in which the property is located.  In the event that the owner cannot be located, a copy of the notice must be posted in a conspicuous location on the property itself and served upon any occupants living on the property.

The sale itself is required to be a public auction held in a public location at the time and date set forth in the notice.  The high bidder at the sale will receive a certificate of purchase from the person conducting the sale.  In the event that it is necessary to postpone the sale Wisconsin foreclosure laws allows the sale to be postponed.

Under Wisconsin foreclosure law, if the court has not confirmed the sale, the borrower has a right of redemption period of 12 months.  If the lender applies for court confirmation of the sale the right of redemption period expires when the court confirms the sale.  The lender is required to state in his application for confirmation any intent to sue for a deficiency judgment.  If the intent is not stated in the application, the lender loses the right to sue for a deficiency judgment.

For more information on Wisconsin foreclosure laws click here.

 

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The information found on this site is not intended to be legal advice. The foreclosure process is highly case specific and laws vary throughout the United States. Please seek professional legal counsel before entering into any contract regarding any real property or stopping the foreclosure on any real property. By using this site you consent to the terms posted here.