Avoid Foreclosure

Wisconsin Foreclosure Laws

Judicial Foreclosure

Judicial foreclosures are only used in Wisconsin when there is no power of sale clause in the loan documents. Under Wisconsin state foreclosure law, the foreclosure sale is held one year form the date of the court order to foreclosure. Unless the lender waives his right to a deficiency judgment, in which case, the sale may be held in six months, or, if the property is abandoned, the sale will be held in two months. The sale can be held even sooner by consent.

Non-judicial foreclosure

If there is a power of sale clause in the loan documents, then the foreclosure process specified must be followed. Otherwise, the follow procedure must be followed:

1. The notice of sale must be recorded, served upon the borrower, and then published weekly for six consecutive weeks in a newspaper of general circulation in the county in which the property is located. If the borrower cannot be found, the notice must be posted conspicuously on the property and served on any occupant.
   
   
2. The sale will be held as a public auction at the time and place specified in the notice. The successful bidder receives a certificate of purchase. Postponement is permitted.
   
   
3. In the absence of court confirmation of the sale, the borrower has 12 months to redeem the property, but usually the lender will apply for court confirmation. If the lender states in his application his intention to sue for any deficiency balance, he may then sue for a judgment. Otherwise suits for deficiency balances are not allowed.