|
Day 1 |
|
Mortgage payment due
today, the first of the
month. Borrower misses
it. |
|
Day 16-30 |
|
Late charge assessed on
payment. Mortgage
servicer starts
attempting to make
contact to find out what
happened. |
|
Day 45-60 |
|
Servicer sends "demand"
or "breach" letter to
the borrower pointing
out that terms of the
mortgage have been
violated.
Borrower given 30 days
to resolve the situation
by paying the delinquent
amount. |
|
Day 90-105 |
|
Servicer refers loan to
foreclosure department.
Hires local attorney or
other firm to initiate
foreclosure proceedings.
The servicer's
representative may
record a formal notice
of foreclosure at the
local courthouse,
publish details of the
debt in the local
newspaper, attend
hearings on the case and
make appropriate court
filings. |
|
Day 105-120 |
|
A Process Server will
come to your door and
serve an adult in your
house the foreclosure
papers. The paperwork
will be in “legalese”
and may be difficult to
understand for many
people. It will explain
that the homeowner has
20 days to respond (NOT
45 or 60 days). Call our
office and we can give
you more information as
to this process and
whether it is necessary
for your particular
situation. Note: We
are not attorneys and
our advice is not to be
construed as legal or
professional advice. |
|
Day 120-150
|
|
A court hearing will
take place where the
judge will review the
information and make a
decision as to the next
course of action. Under
most circumstances, a
Default Judgment is
granted and you are now
officially in
foreclosure. This begins
the Redemption Period in
Wisconsin. |
|
Day 150-330 |
|
In Wisconsin, there is
usually a 180 day
Redemption Period before
the house can be sold at
the Sheriff’s Sale. This
is the time to bring the
loan current, work out
another agreement with
the lender, or pay off
the loan by refinancing
or by selling the
property. |
|
Day 340-344 |
|
A Confirmation of Sale
hearing is held 10-14
days after the Sheriff’s
sale. The judge reviews
the process to ensure
everything was done
according to the law,
and if so, the judge
signs the Sheriff’s Deed
and the successful
bidder at the auction
(usually the lender) is
now the owner of the
property. |
|
Day 340-400 |
|
If the foreclosed debtor
has not vacated the
property voluntarily,
the new owner will begin
the eviction process
that can take anywhere
from 10 days to 30 days
or more. |
