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