Wisconsin foreclosure right of redemption laws allow home owners whose circumstances have changed to take back their property rights depending on the procedure in which the property was foreclosed and the amount of time since such proceedings. An attorney is the best person to help you with your foreclosure questions because the law in this area is complicated and your case may have complexities that are cannot be covered by a basic discussion.
Wisconsin Rights of Redemption in Foreclosure
Wisconsin foreclosures are handled either through the legal process in a judicial sale or by other means in a non-judicial sale. How your foreclosure is handled may impact whether you are entitled to redeem your property rights.
Wisconsin law provides for a statutory right of redemption which allows a home owner whose property has been foreclosed upon to reclaim his property by making payment in full of the unpaid loan amount and foreclosure costs. The home owner generally has twelve months to redeem property rights through this process.
Depending on the Wisconsin district court's calendar, it generally takes about 365 days to complete an uncontested foreclosure. There are some things that will make this time line vary including:
- The lender waives the right to a deficiency judgment;
- If the property is abandoned the process may be faster;
- The process may be delayed if the home owner contests the foreclosure action;
- The process may be delayed if the home owner seeks delays and adjournments of hearings; or
- The process may be delayed if the home owner files for bankruptcy which will result in a stay which halts all legal actions until the bankruptcy proceedings are completed.
The availability of a right of redemption in Wisconsin hinges on whether the foreclosure sale is confirmed or not. If it is not, redemption rights exist for up to twelve months from the date of sale. To find out more about your right of redemption in Wisconsin, discuss your case with a lawyer today.
Getting Legal Advice
A Wisconsin lawyer who deals with foreclosure cases can assist you with asserting your right to reclaim your property if it is available given the facts of your case. Contact an attorney today to find out exactly what your rights are and get answers to your legal questions. You do not have to face home loss alone; an attorney will fight for your rights every step of the way.
