Wisconsin Foreclosure Laws

The length of time that it takes to foreclose a property in the state of Wisconsin varies considerably. It can take as little as 90 days to complete but may take as long as one full year from start to finish.

The state allows both judicial and non-judicial methods with either a traditional mortgage or the standard deed of trust used as the primary security instruments. The court allows a right of redemption for the borrower as long as there has been no confirmation of a foreclosure sale being completed. The lender is also able to file for a deficiency judgement unless that option is waived.

In the case of a judicial foreclosure when there is an absence of a power of sale clause in the loan document, the lender must sue the defaulted borrower and obtain a court order to foreclose. Unless the lender waives his right to a deficiency judgment, the sale will be held one year from the date of the order to foreclose. If deficiency is waived, the sale may be held in six months, or, if the property is abandoned, in two months. The sale may be held sooner by consent.

For a non-judicial foreclosure the notice of sale must be recorded, served on the borrower, and then published weekly for six consecutive weeks in a newspaper in the county in which the property is located. If the borrower cannot be found, the notice must be posted conspicuously on the property and served on any occupant.

The sale will be held as a public auction at the time and place specified in the notice. The successful bidder receives a certificate of purchase.

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