Milwaukee Foreclosure Laws & Lawyers

Nowhere in America is safe from the foreclosure monster.  Even in quiet communities such as Milwaukee foreclosures are still prominent and showing no sign of relief.  After a short period of declining foreclosures in Milwaukee at the end of 2008, there has been a spike in new foreclosures in Milwaukee for the first 2009 fiscal quarter.  Over 8,000 total foreclosures are now on the market in Milwaukee and over 21,000 in the state of Wisconsin.

Milwaukee Foreclosure Laws

Foreclosure laws in Milwaukee are governed by legislative action by the Wisconsin State Legislature.  In Wisconsin, the security deed may be a Deed of Trust of a Mortgage document and both judicial and non-judicial foreclosures are performed, depending if there is a trustee “Power of Sale” clause in the document.  Below is the typical timelines for foreclosures in Milwaukee:

Foreclosure Process Timeline:  90 Days to 1 year

Redemption Period Timeline:   365 Days or more

Judicial vs. Non-Judicial Foreclosure

In Milwaukee, foreclosures are typically done by a non-judicial process since the Deed of Trust is the deed of choice for most lenders.  Most Deeds of Trust will contain a “Power of Sale” clause that allows the trustee, usually a title company, escrow company, or bank, to begin the foreclosure process at the instruction from the lender, completely bypassing the judicial process. 

The trustee must record the notice of foreclosure in the county recorder’s office and then publish the foreclosure notice in the local newspaper six consecutive weeks before the final auction.  The borrower, however, still has 365 days to redeem the property by paying the highest bid price from the foreclosure sale.

In a judicial process, a lawsuit must be filed with the courts by the lender in order to get a court order to foreclose.  Once the judgment is entered, no auction may take place for one year, unless the lender waives the right to a deficiency judgment.

Seeking Foreclosure Help in Milwaukee

If the statistics show a trend, further increases will be seen in Milwaukee foreclosures.  With liberal property owner redemption laws, a homeowner can fight a foreclosure and work to retain his property.   

It is always recommended to fight a foreclosure with the help of a trained and experienced certified foreclosure lawyer.  A foreclosure lawyer will be completely knowledgeable about all foreclosure laws and processes and can also help to communicate with lenders to try to find a viable solution that stops the foreclosure process.  Most foreclosure lawyers will offer a free consultation to get the best advice on what strategy would work for the homeowner.

• If you may be facing foreclosure or already in the process, Consult Your Case for Free with a local certified Foreclosure Attorney in Milwaukee to see your best options you have available to avoid Foreclosure.