Wisconsin Notice of Intention to Foreclose and of Liability for Deficiency after Foreclosure of Mortgage
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How to fill out Notice Of Intention To Foreclose And Of Liability For Deficiency After Foreclosure Of Mortgage?
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FAQ
In most states, including Wisconsin, if a foreclosure sale results in a deficiency, the lender may get a "deficiency judgment" against the borrower for the deficiency amount. But Wisconsin law limits the amount of the deficiency if the property's fair market value is more than the foreclosure sale price.
In a judicial foreclosure, the lender can get a deficiency judgment to collect any money they're owed after the sale. In a judicial foreclosure, after the judge orders the sale of a home, it's usually auctioned off to the highest bidder.
The difference between the sale price and the total debt is called a deficiency. For example, if you owe $20,000 on your car loan and the lender sells or auctions your auto for $15,000, the deficiency amount that you are still required to pay is $5,000.
SOL #2: Mortgage Foreclosures The more important SOL for note investors is this one ? Wisconsin's 30-year limitation on mortgage foreclosures. This SOL is governed by Wis. Stat. 893.33 (2), (5).
In return for the lender having the power to sell the property, the Power of Sale clause protects the borrower by stating that when the lender sells the property, the lender may not hold the borrower liable for any cost not covered by the sale unless the lender is able to obtain a deficiency judgment in their favor, ...
A defeasance clause is a provision in some mortgage contracts indicating that the borrower will receive the title to the property once all of the mortgage payments have been made.
Wisconsin Redemption Period 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.