Wisconsin Foreclosure Laws
According to the Wisconsin foreclosure laws, lenders can utilize both, judicial as well as non-judicial, foreclosure processes to foreclose deeds of trusts or mortgages that appear in foreclosure listings. The foreclosure process takes about 90 days and the security instruments recognized by the state are deeds of trust and mortgages.
The Foreclsure Procedures in Wisconsin
Wisconsin's laws allow for a foreclosure sale to be confirmed by court order. A deficiency judgment is only allowed if the lender states his intentions in the application for sales confirmation. The state recognizes the borrower's Right of Redemption. When a judicial foreclosure process is followed, the lender is required to file a lawsuit in order to obtain a court judgment ordering the foreclosure proceedings to begin. Wisconsin foreclosure laws do not allow a sale to be made for one year from the date the judgment is entered. The exception is when the lender waives the right to a deficiency judgment. If the foreclosure sale takes place through mutual consent, it may take place earlier.
A non-judicial foreclosure procedure is used when the security instruments for the distressed property contain a Power of Sale clause. This clause is an extremely important part of mortgage agreements. A Power of Sale clause requires the borrower to sell his property and pay all outstanding dues if he defaults on the loan payments.
Wisconsin Foreclosure Laws
In the event that the security instruments contain a Power of Sale clause, a non-judicial foreclosure proceeding can be pursued. Specific details mentioned in the security instrument, such as the time, place, and terms of sale specified therein must be followed strictly.
If such details are not mentioned, the foreclosure is carried out by means of a sale held at the local county courthouse in the area where the distressed property is located.
The procedure requires the lender to file a Notice of Foreclosure with the Office of the Recorder of the county in which the property is located. The details the notice must contain include the names of the lending and borrowing parties, the date of the mortgage, the amount involved, a description of the distressed property, the date, time, place, and terms of the foreclosure sale.
The borrower must be provided with a copy of the Notice of Foreclosure. If the borrower cannot be located, the notice must be posted in a conspicuously visible spot inside the premises of the distressed property. If the property has any occupants, the notice can be served to them. It is also necessary for the lender to publish a copy of the notice in a local county newspaper once every week for 6 continuous weeks.
Though postponements are allowed if absolutely necessary, all efforts are taken to ensure the foreclosure sale is held at the specified date, time, and place. The foreclosure sale consists of an auction in which the person bidding the highest amount receives the rights to the property.
The borrower has a time frame of one year in which he can seek to reclaim or redeem the property. This can be accomplished by him paying the current owner the entire amount that the property was sold for and additional interest charges.
Foreclosures in Wisconsin Top Cities
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Mortgage Rates
| National Overnight Averages | TODAY | +/- | Last Week |
|---|---|---|---|
| 3/1 Year ARM | 3.58% |  |
3.63% |
| 1 Year ARM | 3.47% | |
3.5% |
| 30 Year Fixed Mortgage | 5.15% | |
5.17% |
| 15 Year Fixed Mortgage | 4.62% | |
4.63% |
| 5/1 Year ARM | 3.61% | |
3.66% |
