| Wisconsin allows Judicial as well as Non-judicial | | | | given to lender to sell the property by himself or his |
| foreclosure. | | | | representative who generally referred as trustee. |
| What is the processing period for foreclosure in | | | | Guidelines for such procedure are mentioned under |
| Wisconsin? | | | | "Guidelines for power of sale foreclosure". |
| It takes around 90 days for foreclosure in Wisconsin. | | | | Guidelines for power of sale foreclosure |
| Is there any right of redemption in Wisconsin for | | | | If the deed of trust/mortgage contains a power of |
| foreclosure? | | | | sale clause with specified time, place and terms of |
| Yes, Wisconsin offers a right of redemption. | | | | sale, then it should be followed. |
| Are deficiency judgments permitted in Wisconsin? | | | | Otherwise Non-judicial foreclosure is conducted as |
| Deficiency judgments are permitted in Wisconsin. | | | | follows: |
| Which law provision governs foreclosure in Wisconsin? | | | | First of all, foreclosure notice must be recorded at |
| They are found in Wisconsin Statutes and | | | | the county office before it is published. It must be |
| Annotations (2003-2004) Chapter 708.01 et. seq. | | | | published once a week for six consecutive weeks in |
| (Mortgages & land Contracts) and Chapter 846.01 et. | | | | local newspaper of the county. The notice should be |
| seq. (Real Estate Foreclosure). | | | | sent to the borrower in the same manner that civil |
| What happens during Judicial Foreclosure in | | | | process lawsuit is served. If lender can not locate |
| Wisconsin? | | | | borrower, then the notice should be posted in |
| It involves filing a law suite to obtain a court order. | | | | conspicuous spot on the property and served on any |
| This is done when no power of sale is present in | | | | occupant. Said notice must specify the names of the |
| mortgage/deed. The property is auctioned off to the | | | | borrower and lender, the date the mortgage was |
| highest bidder. However in Wisconsin, sale can be | | | | recorded, the amount due at the date of the notice, |
| made only after one year from the date of the | | | | a property description and the time and place of sale. |
| judgment unless the lender waives the right of | | | | The winning bidder receives a certificate of purchase. |
| deficiency. In such case, it can be delayed up to six | | | | The borrower gets one year period to redeem the |
| months or two months if property is abandoned. Sale | | | | property if it has not been confirmed by court order. |
| by mutual consent can happen earlier. | | | | In Wisconsin, law allows a foreclosure sale to be |
| What happens during Non-Judicial Foreclosure in | | | | confirmed by court order. If the lender states their |
| Wisconsin? | | | | intentions in the application for sales confirmation, |
| Non-judicial foreclosure is conducted only when | | | | then they may file a deficiency suit. Generally, |
| power of sale clause exists in deed of trust | | | | deficiency suits are not allowed. |
| mortgage. This clause allows borrower pre-authorizes | | | | This is legal information; it should not be treated as |
| the sale of property to pay off the balance loan in | | | | legal advice. |
| the incidence of their default. In such cases power is | | | | |