First thing is first. Do not panic. A lot of people assume that this is it. They’ve been sitting in their home, waiting for the other shoe to drop, and this is that shoe. Truth is, you still have options. Learn what to do once you receive a breach notice in Milwaukee from your friends at Kingstad Law.
When Can The Bank Send a Foreclosure Notice?
Foreclosure is a legal process that has to follow certain rules and guidelines. Under most cases, this falls under federal law, and under federal law, you have to be more than 120 days delinquent on the loan before the foreclosure process can begin. In Wisconsin, this notice is also known as a breach notice.
What Can You Do After Receiving a Foreclosure Notice
You have a lot of options if you receive a foreclosure notice, but if you want to keep your home, there are a few options that you can pursue:
- Consider Foreclosure Mediation—Foreclosure mediation is the first avenue that you should consider. Foreclosure mediation offers a lot of options including a modification of your loan, repayment plans, or a forbearance agreement. There are also options available to you if you want to get out of your home cleanly. A lawyer can help you navigate these waters either way.
- Reinstating Your Mortgage—If you can catch up on your loan before the judgment date, then your loan will be reinstated. In Wisconsin, you can also catch up on payments after the judgment but before the sale to achieve reinstatement.
- Buy Your Home Back—This is complicated in Wisconsin. If this is a route you intend to take, then it would be in your best interest to consult a lawyer. This is a process where you would buy back your home during what’s called the redemption period.
- File For Bankruptcy—Bankruptcy may be an option, but it won’t save your house in all situations. If you think bankruptcy is your only option, then you should definitely consult a lawyer to find out if it’s an option that will work for you.
Read More: Can You File Chapter 7 and Keep Your House in Wisconsin?
Who Can Help You With Your Milwaukee Foreclosure?
If you are staring down a foreclosure, you don’t have to go it alone. You should acquire the help of a skilled foreclosure and bankruptcy attorney. What you need is the help of Kingstad Law. You can reach out to us right now for a free consultation.
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