Subject: Urgent General Demand to Halt Foreclosure Proceedings — Wisconsin Dear [Foreclosure Attorney's Name], I hope this letter finds you well. This correspondence serves as an urgent appeal and general demand to immediately halt any ongoing foreclosure proceedings against my property, located at [property address, including city and state]. I am writing to express grave concerns regarding the foreclosure process that has been initiated against my property by [Name of Lending Institution]. As a resident of Wisconsin, I firmly believe that several crucial factors have been overlooked, warranting a reassessment of the foreclosure process. Below, I outline the reasons why I strongly urge you to cease the foreclosure proceedings: 1. Violation of Wisconsin's Foreclosure Laws: Wisconsin's foreclosure laws provide certain protections for homeowners, such as mandatory mediation and the requirement of a face-to-face meeting, which have not been adhered to in this case. Hence, it is essential to follow the legal framework established by the state to ensure fair treatment throughout the foreclosure process. 2. Irregularities in Escrow Account Management: I have discovered numerous discrepancies and irregularities within the escrow account managed by the lending institution, including unjustifiable increases in property tax payments, insurance premiums, and incorrect allocation of funds. These discrepancies raise serious doubts about the lending institution's compliance with statutory regulations. 3. Unsatisfactory Investigation of Loan Modification Options: I firmly believe that the lending institution did not undertake a thorough investigation of possible loan modification alternatives before initiating foreclosure proceedings. As a responsible homeowner, I have diligently attempted to collaborate with the lending institution to find sustainable alternatives, such as loan modification, forbearance, or repayment plans. Regrettably, these efforts have been met with delays, miscommunication, and a lack of genuine interest in finding a mutually beneficial solution. 4. Failure to Provide Adequate Notice: It has come to my attention that the foreclosure proceedings have advanced without proper and timely notification. Wisconsin's law requires lenders to provide homeowners with notice of intent to foreclose at least 45 days before initiating legal action. However, I have not been adequately informed about the foreclosure process, resulting in a violation of my rights and hindering my ability to respond appropriately. In light of the aforementioned reasons and my strong belief in preserving homeowners' rights as laid out by Wisconsin law, I humbly request that you take immediate action to suspend the foreclosure proceedings against my property. Moreover, I kindly urge you to thoroughly investigate the aforementioned concerns and work towards an equitable resolution that reflects the interests of all parties involved. I trust that you will exercise your professional responsibility to ensure fairness, transparency, and adherence to the applicable laws governing foreclosure in Wisconsin. I eagerly await your prompt response to this general demand, acknowledging the suspension of foreclosure proceedings against my property until the aforementioned issues are adequately addressed. Thank you for your attention and time. I look forward to resolving this matter promptly and amicably. Yours sincerely, [Your Name] [Your Contact Information]
Wisconsin Sample Letter to Foreclosure Attorney - General Demand to Stop Foreclosure and Reasons
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FAQ
Reinstating the Loan Wisconsin law gives you the right to reinstate the loan before the judgment. The court will then dismiss the foreclosure. You may also reinstate after the judgment (before the sale), which will stay (postpone) the foreclosure, but if you default on payments again, the foreclosure will go ahead.
Put your name, address, phone number, loan number, and date on the top of the letter. List the name and address of your lender. information about any money you have saved for a workout agreement. Tell the lender you are working with a foreclosure counselor and include their name and agency.
If the lender does not waive the right to a deficiency judgment, the redemption period is usually 12 months. If the property is deemed abandoned, the timeline is different.
How Do I Stop Foreclosure in Wisconsin? Reinstating the Loan. The state's law gives mortgagors the right to reinstate the loan before the judgment. ... Redeeming the Property. Wisconsin has a redemption period wherein they can repurchase their properties once it goes on sale. ... File for Bankruptcy.
Next, you have to understand that Wisconsin is a judicial foreclosure state, which means there must be, at minimum, notice, an opportunity for the borrower to respond, and a hearing held before a foreclosure is granted.
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.
How to Respond to a Foreclosure Summons Step 1: Read the Summons. ... Step 2: Speak to Foreclosure Lawyer. ... Step 3: Decide If You Want to Contest. ... Step 4: Prepare a Mortgage Foreclosure Appearance and Answer to the Complaint. ... Step 5: File the Form with the Court Clerk. ... Step 6: Send a Copy of Your Answer to the Other Parties.
If the lender does not waive the right to a deficiency judgment, the redemption period is usually 12 months. If the property is deemed abandoned, the timeline is different.
