This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Wisconsin Complaint to Compel Mortgagee to Execute and Record Satisfaction and Discharge of Mortgage
State:
Multi-State
Control #:
US-02785BG
Format:
Word;
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How to fill out Complaint To Compel Mortgagee To Execute And Record Satisfaction And Discharge Of Mortgage?
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FAQ
Ingly, a lender involved in a typical loan situation needs to understand that their mortgage lien will only remain effective in Wisconsin for 30 years unless an additional notice of such a mortgage lien is placed of record prior to the expiration of the initial 30-year effectiveness period.
Statute of limitations in Wisconsin The statute of limitations for open accounts like credit cards and written and oral contracts in Wisconsin is six years under Chapter 893.43. The 10-year statute of limitations applies to promissory notes.
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.
PROPERTY DAMAGE OR DEATH Under Wisconsin law, the statute of limitations in an action to recover for property damage is generally six years after the cause of action accrues.
In Wisconsin, the 6-year SOL on contracts (and thereby, notes) accrues on the date of breach ? here, the date of the missed payment. The more important SOL for note investors is this one ? Wisconsin's 30-year limitation on mortgage foreclosures.