If you're behind on your mortgage payments in Wisconsin, understanding the foreclosure process can help you navigate a difficult situation. Here's a breakdown of the key steps involved:
1. Default and Notice:
- Miss mortgage payments and your lender will likely send a default notice outlining the missed payments and potential consequences.
2. Lawsuit and Court Hearing:
- If you don't "cure" the default (catch up on payments), the lender can file a foreclosure lawsuit in court.
- You'll receive a summons and complaint detailing the foreclosure action and your window to respond (usually 20 days).
- Consider consulting a foreclosure defense attorney at this stage to explore your options.
3. Foreclosure Judgment and Sale:
- If you don't respond to the lawsuit or fail to reach an agreement with the lender, the court may issue a foreclosure judgment authorizing the sale of your property.
- Public notice of the foreclosure sale will be published for several weeks.
4. Redemption Period and Eviction:
- Wisconsin offers a redemption period, typically six months, where you can repurchase the property by paying the full amount owed.
- If you don't redeem the property during this time, the sale goes forward, and the new owner can initiate eviction proceedings.
Important Considerations:
- Timeline: The foreclosure process in Wisconsin can take anywhere from 6 to 18 months.
- Alternatives to Foreclosure: Many lenders are willing to work out a loan modification or forbearance agreement to help you avoid foreclosure.
- Legal Help: An attorney specializing in foreclosure defense can advise you on your rights and explore potential defenses or strategies to save your home.
Remember, this blog post is for informational purposes only and doesn't constitute legal advice. If you're facing foreclosure, consult with a qualified attorney to discuss your specific situation and explore your options.
Attorney Nathan DeLadurantey offers free consultations to explain your legal rights in Wisconsin. Free consultations can be scheduled online.
