The foreclosure process varies from state to state, but in Wisconsin, every foreclosure must go through a formal court proceeding. According to Wisconsin Statutes, there are steps a lender is going to have to follow once you default on your mortgage payments and that timeline looks something like this:
- Your lender can initiate the foreclosure process by filing a Summons and Complaint in the county in which the property is located in. A sheriff or private process server will serve you these documents that will inform you that your home is at risk of being foreclosed on.
- Once you receive this, you have 20 days to reply to your lender. You still have the right to pay all the payments that are past due or work out some sort of agreement with your lender. This is where having a foreclosure attorney would be beneficial as they can contact your lender’s attorney and negotiate with them on the terms of a repayment plan that works best for you.
- If you fail to reply to the complaint filed or work on some sort of repayment plan with your lender, they are going to have no choice but to submit a judgment. You will have between 6-12 months to be in your home before it is auctioned off at a sheriff’s sale. Your lender can also try and recover any amount that is left unpaid by filing suit against you. This means your lender isn’t waiving their rights to a deficiency judgement and wants the remainder of the money you owe after the home is sold.
- After a few months, your home will be auctioned off at a sheriff’s sale as mentioned. This information will be published in the local newspaper approximately three weeks prior to the auction date and it is open to the public.
- After the sale transpires, a court hearing will be scheduled and you will be required to move out of your home.
The overall foreclosure process ranges from seven to 18 months and will depend on your personal circumstances. Obviously, many individuals would much rather keep their home than watch it be sold at a sheriff’s auction but in order to accomplish this, you are going to need some professional help.
USAttorneys.com can recommend various foreclosure attorneys located in the state of Wisconsin who can help you with your matter. All you need to do is give us a call and we can begin working to find you a nearby attorney who is available to assist you.
How can our foreclosure attorneys help you?
- Provide you with advice, guidance, and general information pertaining to foreclosure.
- Speak with your lender to try and work some sort of agreement out that would allow you to avoid foreclosure.
- Ensure your rights as a homeowner or property owner are respected.
- Assist you throughout the process and during the court proceedings.
Going into foreclosure can be overwhelming for any individual which is why we want to extend our helping hand to you. Our featured Wisconsin foreclosure lawyers are highly experienced and understand what actions need to be taken to avoid the foreclosure process.