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It’s easy to fear that a foreclosure will happen so fast that you won’t have time to deal with it. For the most part, the law moves slowly. This may seem awful when you are awaiting something like a settlement, but when you are awaiting foreclosure, you’ll be glad that it does move so slow. However, you should act fast, and you should know when to act too! How long does a foreclosure judgment take in Wisconsin? Let Kingstad Law in the Milwaukee area help you understand how the process works.
When Can Foreclosure Begin?
In Wisconsin, before foreclosure can even begin, you have to be 120 days late in paying your mortgage. Honestly, acting during this time is always going to be your safest option. Talk with your mortgage company, talk to local programs that can help, and if you think your mortgage company acting in any way illegal, consult with an attorney such as those at Kingstad Law.
Which is Worse Foreclosure or Bankruptcy?
What is the Wisconsin Foreclosure Timeline?
Once a foreclosure has begun, which will begin with a breach notice (also known as a foreclosure notice) from your mortgage provider, your foreclosure will pass through distinct phases. We have a basic outline for those phases below:
- Start of Legal Action—After you receive your breach notice, you will have 20 days to answer the complaint. This is one of the opportunities you have to place fault on your mortgage company. However, even if you agree with the complaint, you should still respond. Also, during this period, before the judgment is entered you typically still have the right to pay all past due amounts to get your case dismissed. This usually includes your mortgage company’s attorney fees.
- Judgment—After the 20-day complaint period, if you agreed or did not respond to the complaint, then a judgment will be entered. If you did file an answer you will have a hearing scheduled and the court will decide if the foreclosure should proceed. This is where it can be very useful to have a lawyer. If a judgment is entered in favor of foreclosure, then the next period will begin.
- Redemption Period—The redemption period is a time between the judgment and the sale. During this time you are still allowed to live in the house and you are also allowed to buy the house from the bank, though you have to pay in full. This period can range from 3 months to 12 months depending on several circumstances.
Read More: How Long Will Your Foreclosure Redemption Period Be? - Sheriff’s Sale—Your house will be posted for sale for three weeks prior to the sale taking place. You will not receive notice of this, but you can check the sheriff’s website or call their office to learn the day. This sale can happen at any time after the redemption period.
- Confirmation of Sale—After the Sheriff’s sale takes place, there will be a confirmation hearing and you will get a notice at least 5 days before the hearing. If you did not appear in court or file an answer, you may not receive this notice. Once the sale is approved, the sheriff will order removal if you did not already voluntarily do so.
Is Wisconsin a Foreclosure Recourse State?
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