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Wisconsin Judicial Foreclosure Available: Yes Non-judicial Foreclosure Available: Yes If the mortgage contains a power of sale clause,
it may be foreclosed by advertisement in Wisconsin without going through a
lawsuit. On the other hand, if there is no power of sale clause, the mortgage
must be foreclosed judicially by filing a lawsuit and obtaining a
court-ordered sale. Judicial Foreclosure The lender may file a lawsuit seeking a court
order for foreclosure and/or a deficiency judgment for any money the sale
doesn't produce. The court will set the date, time, place and manner of sale.
Usually it is conducted by the sheriff. No sale may be made for one year from
the date the judgment is entered unless the lender waives the right to a
deficiency, in which case the delay is six months, or two months if the
property is abandoned. Sales by consent may be earlier. Foreclosure by Advertisement Preliminary Notices Contents The foreclosure notice must specify the names of
the borrower and lender, the date the mortgage was recorded, the amount due
at the date of the notice, a property description and the time and place of
sale. Recording The foreclosure notice must be recorded when the
foreclosure notice is first published. Advertising A foreclosure notice with the time and place of
sale must be published once a week for six consecutive weeks in a newspaper
published in the county where the real estate is located. Service Mailing is not adequate. The foreclosure notice
must be served upon the borrower in the same manner that civil process in a
lawsuit is served. If the borrower cannot be found, then the notice shall be
posted in a conspicuous spot on the mortgaged premises and served on any
occupant. Sale Procedures Time The sale takes place between 9 A.M. and sunset. Place The sale occurs at the place given in the
foreclosure notice. Manner The sale shall be at public auction to the highest
bidder. The person who normally calls out the sale must be the person
appointed for the task in the mortgage, or the sheriff. The sale may be
postponed, if necessary. The person making the sale must give the purchaser a
certificate, in writing, entitling the buyer to a deed. The certificate must
be filed where deeds are recorded. If the property is not redeemed, the
person making the sale must execute a deed to the buyer. Sale Confirmation Wisconsin law provides a procedure by which a
foreclosure sale may be confirmed by court order after it is made. Redemption If a sale is confirmed, then there is no right of
redemption. Otherwise, there is a one-year right of redemption if the high
bid at the foreclosure sale, plus interest, is paid. During such a period,
the borrower may also retain possession. Deficiency A deficiency judgment is not allowed unless the
application for sales confirmation states the lender's intent to seek one.
Otherwise, it is a separate portion of any existing legal action, or a
separate action altogether. It will not be final until on or after the sale
confirmation. |
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