There are different stages to foreclosure, and the laws in each state vary depending on how they handle those stages. One of those stages is known as the redemption period. What is the redemption period in a Wisconsin foreclosure? Kingstad Law is here to help guide you through that.
Does Wisconsin Allow You to Redeem a Foreclosed House Post Sale?
Unfortunately, once the sale of the home has taken place during the course of normal foreclosure proceedings, you are no longer able to redeem the house. This means, there is no legal way for you to get the home back other than through the open market which you likely will not have the resources to do. What options do you have then after the foreclosure judgment is rendered? You have to act before the sale in what’s known as the redemption period.
How Does the Foreclosure Redemption Period Work in Wisconsin?
During the redemption period, which takes place after the foreclosure judgment occurs in court but before the foreclosure sale has taken place, you have the ability to pay off the total amount of your mortgage and keep the home.
This is not always easy to accomplish, as you have to pay the judgment amount, interest, the foreclosing lender’s costs, and taxes the lender pays after judgment. Getting this money will be difficult. You may have a family member or even an understanding lender that is able to help you out. However, these situations are rare. This is why you should, if it is at all possible, fight the foreclosure with the help of an attorney well before the judgment ever takes place. In Milwaukee, the lawyers at Kingstad Law can help you out with that.
How Long is the Wisconsin Foreclosure Redemption Period?
The length of the foreclosure redemption period in Wisconsin depends on several factors. If the lender decides to go after a deficiency judgment, then your redemption period will be lengthened. In those situations, you have 12 months for mortgages signed after April 27th, 2016. If the lender waives the right to a deficiency judgment, then this period is just 6 months. However, for mortgages signed before April 27th, 2016 both of those periods are typically cut in half.
Read More: What is a Deficiency Judgment in Wisconsin?
Keep in mind, this is only if you occupy the home. If you do not occupy the home (such as a rental property or a summer home) then the period is six months or 3 months if the lender waives the deficiency judgment regardless of when the mortgage was signed. If the home is abandoned, the redemption period is set at 5 weeks regardless of other circumstances.
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