Wisconsin Foreclosure Process

The Wisconsin foreclosure process takes some time before you are required to move out of your house. If you are anticipating losing your house to foreclosure then there are a few things you should know and the time it will take for the lender to complete the process.

The Wisconsin foreclosure process can take up to 1 year to finalize and be complete. The initial process may begin after you have missed 2 or 3 monthly payments. In most cases, the lender will begin the process after they have missed the second monthly payment by sending you a notice of default and filing this with the courts. Once this is filed, the initial process has begun. The lender will give you up to 90 days to work out a deal or a monthly payment plan to get caught up on your monthly payments. If you choose to allow your house to go to foreclosure then the lender will initiate an intent to sell the house at an sale with the courts. Depending on how backed up the courts are and how quick the lender will act on this it can take another 6 months before the house is scheduled to sale. You will receive a letter in the mail that tells you the exact date the property is scheduled to be sold.

When a house is scheduled to be sold at an sale this is the end of the Wisconsin foreclosure process. If the house doesn’t sell at the sale it will belong to the lender until they can sell it on their own. The lender will do what they can to recover as much as possible for the cost of the loan they borrowed to you. However, the difference may be a liability that you owe. You may not show a foreclosure on your credit until the lender finally sells the house, which could take more than a year. You also will not know what the liability is to the lender until the house sells.

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