The courts have inherent power to restrain the sale of mortgaged premises in foreclosure proceedings, but are reluctant to exercise such power except where it is shown that particular circumstances, extrinsic to the instrument, would render its enforcement in this manner inequitable and work irreparable injury, and that complainant has no adequate remedy at law. Furthermore, a party must show a probable right of recovery in order to obtain a temporary injunction of a foreclosure action.
Wisconsin Petition to Enjoin Foreclosure Sale and Seeking Ascertainment of Amount Owed on Note and Deed of Trust
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How to fill out Petition To Enjoin Foreclosure Sale And Seeking Ascertainment Of Amount Owed On Note And Deed Of Trust?
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In general, if no other liens or claims exist, the owner of the property which is sold at auction has the right to collect any surplus funds after foreclosure. However, if any liens or claims exist, they would have priority over the owner of the property to the surplus foreclosure funds.
Security instrument, is the document that creates the lien on the property. The mortgage exposes the real estate to claim by the mortgagee and is the document that gives the creditor the right to sue for foreclosure.
If there shall be any surplus paid into court by the sheriff or referee, any party to the action or any person not a party who had a lien on the mortgaged premises at the time of sale, may file with the clerk of court into which the surplus was paid, a notice stating that the party or person is entitled to such surplus ...
If there shall be any surplus paid into court by the sheriff or referee, any party to the action or any person not a party who had a lien on the mortgaged premises at the time of sale, may file with the clerk of court into which the surplus was paid, a notice stating that the party or person is entitled to such surplus ...
A Wisconsin deed in lieu of foreclosure is the transfer of a deed to the mortgage lender as a way of fulfilling payment on a loan on which the homeowner has defaulted. If the lender will accept the deed in lieu, foreclosure can be avoided.
The right of redemption, also known as the redemption period, can vary slightly in Wisconsin. All redemption periods start when the judgment of foreclosure is entered. Typically, if it is a residential property, you have six months to try and arrange to keep your home.
Surplus funds, also referred to as overage or excess funds, are the funds remaining after a mortgage is paid through the final judgment of a foreclosure auction.
The lender will specify in the complaint which redemption period will apply to your situation. The period is usually 6 months if the lender agrees to waive its right to a deficiency judgment, which is the right to sue you for the difference between the sale price of the house and the amount you owe on the loan.