Wisconsin foreclosure

The Wisconsin foreclosure process can be either judicial or non-judicial. If there is power of sale clause in the mortgage, then the non-judicial foreclosure process can be used. Non-judicial refers to the fact that a lawsuit doesn't need to be filed in order to foreclose on a property.

In cases where there is no power of sale clause in the mortgage, then the judicial foreclosure process is used. In the judicial foreclosure process, the lender files a lawsuit in the courthouse of the county where the property is located.

At the hearing the judge will determine how much you'll need to pay in order to stop the foreclosure. He/She will then give you some time to make the payment. If you don't make the payment in the time allowed, then the sale of the property will be allowed.

A deficiency judgment is allowed in Wisconsin. A deficiency judgment occurs when you owe more than the property fetches at the foreclosure sale. The judge may allow the lender to collect from you the amount of the difference between what you owe and what the home sold for.

If the lender wants to get this deficiency judgment, it won't be allowed to sell the house for 1 year. If it's willing to waive the right to this deficiency, then it will only have to wait 6 months and only 2 months if you've abandoned the house.

Now, if there is a power of sale clause in the mortgage then the non-judicial foreclosure process will be allowed. If the power of sale clause specifies the time, place and terms of the sale, then those terms are followed.

If the terms are not specified, then the non-judicial foreclosure process will proceed as follows:

1. The foreclosure notice needs to be recorded at the county recorder's office.


2. Once recorded, this notice must be published once a week for 6 consecutive weeks in a newspaper of the county where the property is located.


3. This notice must list the names of the borrower and lender, the date the mortgage was recorded, how much is owed as of the date of the notice and finally, the time and place of the sale.


4. The notice must be served on the borrower. If borrower can't be found then it must be posted on the property. Any occupants must also be served.


5. The sale will be held at the time and place listed on the notice.


6. The buyer has one year to get the property back by paying the amount of the highest bid at the foreclosure sale plus interest.


7. The lender can prevent this by having the foreclosure sale confirmed by the court.