Is your home in danger of foreclosure in Southeastern Wisconsin? We know that losing your home is scary and we are here to help at Kingstad Law – with more than 40 years in the courtroom. Learn more about how to avoid losing your home to foreclosure in Milwaukee, WI with a quick guide to how home foreclosure works in Wisconsin.
How Can You Stop a Home Foreclosure in Wisconsin?
Have you defaulted on your home loan due to financial hardship? When you default on your mortgage payments in Wisconsin, you could face a judicial foreclosure – which means you will receive a court summons for a foreclosure suit by the lender. In most Wisconsin foreclosure cases, you will have 20 days to provide an answer to the complaint and you may receive notice for foreclosure mediation.
Residents who do not respond to the suit will receive a default judgment and the home will be put up for a foreclosure sale by the lender to pay the balance of the mortgage. If you have determined that there is an error or issue with the foreclosure and decide to defend the foreclosure lawsuit in court – Kingstad Law can help.
4 Ways to Prevent a Home Foreclosure in Wisconsin
What is next in a foreclosure lawsuit? What are your options? And how can we help at Kingstad Law? When you face a home foreclosure – there are a few ways to prevent the foreclosure. Here is a closer look.
A lender cannot initiate foreclosure proceedings unless you are 120 days past due and you receive a notice from the bank prior to the foreclosure. To prevent foreclosure, you may be able to modify your loan – as long as it is 45 days prior to the foreclosure sale – via lower interest rates, principal reduction, extended loan terms, postponed payments and more.
Reinstate the Loan
Wisconsin residents have the option to reinstate their home loan prior to the completion of the foreclosure – which means you pay the missed payments in a lump sum to make your home loan current. When you reinstate the loan, you can halt the foreclosure process.
Redeem the Property
Homeowners in Wisconsin who are in foreclosure are allowed a redemption period prior to the foreclosure sale. Within this timeframe, you can pay the balance of the mortgage and any costs incurred in the process to redeem the property and prevent foreclosure.
File for Bankruptcy
Bankruptcy has a negative connotation – but when you face foreclosure, it could possibly be the best way to prevent the loss of your home. When you file for Chapter 13 Bankruptcy or Chapter 7 Bankruptcy, it creates an automatic stay that works as an injunction and prevents the final foreclosure on your home – giving you a chance to pay what is owed or find a financial alternative. Kingstad Law can help you file for bankruptcy and prevent the loss of your home.
READ MORE: What Should You Do When Your Home is in Foreclosure in Wisconsin?
Are you in danger of foreclosure? Learn how to avoid losing your home to foreclosure in Milwaukee, WI with this overview of how foreclosure works and how you can prevent it created by Kingstad Law. Contact our team of attorneys today for more information!
*Nothing posted on this website is intended, nor should be construed, as legal advice. Blog postings and site content are available for general education purposes only.