| Wisconsin performs its foreclosures
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| | the judgment. 4) Any real estate taxes
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| judicially. Specifically the circuit
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| | paid on behalf of the homeowner. 5) Any
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| courts of Wisconsin have jurisdiction for
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| | insurance paid on behalf of the
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| the filing of a foreclosure complaint.
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| | homeowner. 6) Any repairs done on the
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| There are nine (9) separate steps to the
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| | property on behalf of the homeowner.The
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| foreclosure process in Wisconsin. They
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| | judgment will detail the amount of money
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| are 1) Breach letter; 2) Complaint to
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| | owed to the lender, the date and time of
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| foreclose; 3) Lis Pendens 4) Judgment;
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| | the public sale of the property. The
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| 4a) default judgment; b) summary judgment
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| | court will require the lender to publish
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| 4c) Final judgment 5) Newspaper
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| | a notice of sale in a newspaper with a
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| Publication; 6) Foreclosure Sale; 7)
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| | general circulation in the county where
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| Confirmation of Sale; 8) Confirmation
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| | the property lies once a week for two
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| Hearing; 9) Deed of Foreclosure.1.)
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| | consecutive weeks.5) NEWSPAPER
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| Breach letterThe first step in the
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| | PUBLICATIONThe notice in the newspaper is
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| Wisconsin foreclosure process is for the
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| | required to have the following
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| lender to notify the homeowner by
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| | information contained therein:1)
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| certified mail that he/she has breached
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| | The time and place of the sale.This
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| the contractual terms of the promissory
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| | notice must be published for six
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| note and to notify the owner of its
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| | consecutive weeks prior to the sale with
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| intention to foreclose on the home and
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| | the first notice not longer than eight
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| seek a deficiency judgment.This letter
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| | (8) weeks before the sale.If the sale is
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| will be forwarded to the homeowner prior
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| | adjourned for any reason the continuance
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| to the filing of the complaint to
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| | and new date must be published in the
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| foreclose. This is the end of the private
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| | newspapers where the property is located.
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| information which we will only see if we
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| | The notice in the newspaper is required
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| are able to enter the home prior to an
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| | to have the following information
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| auction and purchase the property from
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| | contained therein:
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| the homeowner directly.2) Complaint to
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| | 2) A description of the property
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| ForecloseThe Complaint to Foreclose is
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| | to be sold.
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| just a lawsuit which is filed in the
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| | 3) The time and place of the
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| circuit court where the property is
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| | sale.
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| located. The attorney prepares the
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| | 4) A statement that the sale is
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| complaint after a review of the file,
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| | being made pursuant to a final judgment.
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| performs a title search and has sent a
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| | 5) The heading of the case.
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| breach letter to the homeowner.It recites
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| | 6) The name of the clerk
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| the facts of the breach of contract by
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| | ordering the sale.This notice must be
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| the homeowner.For instance the complaint
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| | published for two consecutive weeks prior
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| will recite the amount of the original
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| | to the sale with the last notice not less
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| mortgage, the current amount that the
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| | than five days prior to the sale. If the
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| homeowner is behind on the mortgage and
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| | sale is continued for any reason the
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| will include all of the other parties of
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| | continuance and new date must be
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| record.3. Lis PendensA Lis Pendens is
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| | published in the newspapers where the
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| filed after the complaint is filed to
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| | property is located.6) Foreclosure
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| serve as notice to the world that the
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| | SaleThe sale is then held in the
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| lender has an interest in the property.4)
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| | courthouse at the county courthouse where
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| JudgmentThere are three (3) ways that a
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| | the property is located. The high Bidder
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| judgment can happen in a foreclosure
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| | is required to deposit ten percent (10%)
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| case. First, the bank can win by a
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| | of the winning bid by certified check or
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| default judgment. Second, the bank can
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| | cash with the sheriff. If the high bidder
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| win by summary judgment.Finally, one can
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| | defaults on his obligations to make all
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| win after a trial.4 a) DEFAULT JUDGMENTA
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| | payments within the prescribed time the
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| default judgment will be entered after
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| | high bidder will lose his/her deposit and
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| the filing of the complaint and servings
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| | the property will be re-advertised for
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| the defendants. The defendant then will
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| | sale.7) CONFIRMATION OF SALEUpon
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| either have a valid defense or not. If
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| | placing the deposit the sheriff send in a
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| none, the court will enter a judgment for
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| | motion for confirmation of sale. The
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| the bank by either affidavit or based
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| | confirmation is then mailed to the
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| upon oral testimony. Each defendant has
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| | parties including the winning bidder no
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| to be notified of the hearing.In
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| | less than five (5) days before the
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| Wisconsin, most foreclosure judgments are
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| | confirmation hearing. The notice shall
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| entered by default and not after a trial
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| | state the following:
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| due to the consequences of filing a
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| | 1) Amount of the judgment
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| dilitory defense. The courts have
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| | 2) amount realized at the sale
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| required some Wisconsin lawyers to pay
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| | 3) amount of the personal judgment
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| some of the cost and attorney fees of
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| | sought against the homeowner
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| the bank (up to half) when filing an
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| | 4) the time and place of the
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| answer just to delay the inevitable
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| | hearing.Upon placing the deposit the
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| foreclosure.4b) SUMMARY JUDGMENTIf a
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| | clerk completes a certificate of sale and
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| homeowner files an answer with a defense
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| | this served upon each interested party.
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| then the rules require that a summary
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| | This certificate of sale states the name
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| judgment hearing will be held within
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| | of the high bidder and the price paid.8)
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| eight months after the filing of the
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| | CONFIRMATION HEARINGThe standards to
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| complaint. The summary judgment is simply
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| | confirm a sale are as follows. 1) If the
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| a way to get rid of a case that has no
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| | sale was above the amount of the debt,
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| issues of fact before the expense of a
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| | there will be a presumption that the
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| trial. The case is heard after either the
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| | property sold for a fair value. 2) If the
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| bank or the homeowner sends a notice to
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| | property sold for less than the debt
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| the other parties twenty days prior to
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| | there will be no presumption and the
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| the hearing along with affidavits. The
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| | court will review the sale until it is
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| other side will file opposing affidavits
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| | satisfied that it has been sold for fair
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| and then an evidentiary hearing will be
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| | value and there is a showing that there
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| held and a decision based upon a four
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| | was a mistake, misapprehension,
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| prong test.Here the bank will also file a
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| | inadvertence on the part of the
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| motion for costs based upon a frivolous
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| | interested parties or prospective
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| defense or pleading. Unlike most states,
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| | bidders.If the Court finds that the
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| Wisconsin will require the attorney and
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| | property sold for less than fair value
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| the person acting in bad faith to stall
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| | the court has three options:
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| for time to pay the fees of the moving
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| | 1. Order the sale void and schedule
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| party.4c) FINAL JUDGMENTOnce the court
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| | for resale.
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| has established that a judgment shall
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| | 2. Set a minimuim upset price for
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| issue, they will enter into a judgment
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| | resale.
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| which will set out the amount of the debt
| |
| | 3. Confirm the sale if what the court
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| due on the house. The Court can by
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| | feels is fair value is credited to the
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| statute add the following items to the
| |
| | judgment.If no objections are filed
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| judgment. 1) interest from the note to
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| | within the next ten (10) days the clerk
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| the date of the sale. 2) reasonable fees
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| | will file a certificate of title. The
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| for the opinions of title. 3) Attorney
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| | property then passes to the high
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| fees of no more than five percent (5%) of
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| | bidder.9.
|
