 Wisconsin Mortgage Loan Modification Guidelines
When you develop a definite plan of action with well-timed, well-informed
steps, you can stop the foreclosure process and save your home. We have
outlined the foreclosure process for the state of Wisconsin.
Judicial Foreclosure Available: Yes
Non-judicial Foreclosure Available: Yes
If the mortgage contains a power of sale clause, it may be foreclosed
by advertisement in Wisconsin without going through a lawsuit. On the other
hand, if there is no power of sale clause, the mortgage must be foreclosed
judicially by filing a lawsuit and obtaining a court-ordered sale.
Judicial Foreclosure
The lender may file a lawsuit seeking a court order for foreclosure and/or
a deficiency judgment for any money the sale doesn't produce. The court
will set the date, time, place and manner of sale. Usually it is conducted
by the sheriff. 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.
Foreclosure by Advertisement Preliminary Notices
Contents
The foreclosure 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.
Recording
The foreclosure notice must be recorded when the foreclosure notice is
first published.
Advertising
A foreclosure notice with the time and place of sale must be published
once a week for six consecutive weeks in a newspaper published in the county
where the real estate is located.
Service
Mailing is not adequate. The foreclosure notice must be served upon the
borrower in the same manner that civil process in a lawsuit is served.
If the borrower cannot be found, then the notice shall be posted in a conspicuous
spot on the mortgaged premises and served on any occupant.
Sale Procedures
Time
The sale takes place between 9 A.M. and sunset.
Place
The sale occurs at the place given in the foreclosure notice.
Manner
The sale shall be at public auction to the highest bidder. The person
who normally calls out the sale must be the person appointed for the task
in the mortgage, or the sheriff. The sale may be postponed, if necessary.
The person making the sale must give the purchaser a certificate, in writing,
entitling the buyer to a deed. The certificate must be filed where deeds
are recorded. If the property is not redeemed, the person making the sale
must execute a deed to the buyer.
Sale Confirmation
Wisconsin law provides a procedure by which a foreclosure sale may be
confirmed by court order after it is made.
Redemption
If a sale is confirmed, then there is no right of redemption. Otherwise,
there is a one-year right of redemption if the high bid at the foreclosure
sale, plus interest, is paid. During such a period, the borrower may also
retain possession.
Deficiency
A deficiency judgment is not allowed unless the application for sales
confirmation states the lender's intent to seek one. Otherwise, it is a
separate portion of any existing legal action, or a separate action altogether.
It will not be final until on or after the sale confirmation.
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