When looking for information about foreclosures, keep in mind that every state has its own set of laws that must be complied with. What is true in one state may be different in another. If you don’t plan to hire a lawyer, or simply want to find out first-hand what the law is in your state, the best place to look is in your state’s statutes.
Below is a guide to finding Wisconsin’s foreclosure statutes online, followed by a summary of Wisconsin’s foreclosure law.
Finding Wisconsin’s Foreclosure Laws
The citation to Wisconsin’s foreclosure law is Wisconsin Statutes Sections 815.31 and 846.01 to 846.45.
Take the following steps to find these statutes online:
- Start at the website of the Wisconsin State Legislature at http://legis.wisconsin.gov.
- Place your cursor over “Wisconsin Law” in the menu on the left side of your screen. A drop-down menu should appear.
- Click the “Statutes” link from the drop-down menu.
- Click “The Wisconsin Statutes & Annotations.”
- Scroll down to and click Chapter 846, “Real estate foreclosure,” under the heading “Civil Procedure.”
You should see a list of the sections in Chapter 846, with headings summarizing what is covered in each section.
To find Section 815.31 of the Wisconsin Statutes, follow Steps 1 through 4 above, click Chapter 815 (“Executions”), then click Section 815.31 (“Notice of sale of realty; manner; adjournment”).
Summary of Wisconsin’s Foreclosure Law
Read on for a summary of Wisconsin’s laws governing judicial foreclosures.
Judicial Foreclosure
In Wisconsin, the most common type of foreclosure is judicial foreclosure, in which the lender sues the borrower in court. The lender brings a claim for foreclosure of mortgage, in which the court can give a judgment for foreclosure and sale. Wis. Stat. § 846.01.
The foreclosure sale must take place at least a year after the court enters the foreclosure judgment. Wis. Stat. § 846.10. If the lender waives its right to a deficiency judgment, the minimum period of time between the foreclosure judgment and the foreclosure sale is shortened to six months. Wis. Stat. § 846.101. If the property is abandoned, the period of time between the judgment and sale is shortened to two months. Wis. Stat. § 846.102.
Notice Requirements
Before a foreclosure sale of property can take place, the sheriff of the county in which the property is located or the referee making the sale must give the defaulting borrower a notice of foreclosure sale. Wis. Stat. § 846.16. The notice of sale must be:
- advertised in a public place at least three weeks before the date of the foreclosure sale
- posted on the county website, if there is one, at least three weeks before the date of the foreclosure sale, and
- printed in a county newspaper once a week for six consecutive weeks before the sale. Wis. Stat. § 815.31.
Right to Cure and Right of Redemption
A foreclosure action may be dismissed if the borrower pays to the court the amount due plus interest and costs before the court enters a judgment. Wis. Stat. § 846.05.
A borrower may redeem his or her property and prevent a foreclosure sale of the property by paying to the court clerk the purchase price plus interest and costs at any time before the foreclosure sale takes place. Wis. Stat. § 846.13.
Deficiency Judgments
A borrower is liable to its lender for any deficiency after a foreclosure sale, if the foreclosing lender demands the deficiency in its original complaint. Wis. Stat. § 846.04. The court will not grant a deficiency judgment unless it is satisfied that the property was sold for its fair market value. Wis. Stat. § 846.165. This in effect caps the deficiency to the difference between the outstanding mortgage debt and the property’s fair market value. If the lender waives its right to a deficiency judgment and certain other conditions are met, the period of time between the foreclosure judgment and foreclosure sale is shortened from a year to six months. Wis. Stat. § 846.101.
