Wisconsin Foreclosure Law

Timeline: 90 Days

Redemption: Yes, if court does not confirm sale

Deficiency Judgments: Yes, if not waived

Judicial Foreclosure: Yes

Non-Judicial Foreclosure: Yes

Security Instruments: Deed of Trust, Mortgage

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Wisconsin foreclosure law allows the lender to pursue foreclosure by either a Judicial or Non-Judicial process. If the original loan documents do not contain a “power of sale” clause, then the lender must use the Judicial Foreclosure procedures. The lender must sue the borrower in court to obtain an order to foreclose. If the lender waives their right to sue the borrower for a deficiency judgment, the sale may be held in two months if the property is abandoned, or in six months otherwise. If the lender does not waive the right to a deficiency judgment, then the sale will be held in one year from the date of the order to foreclose. The sale may be held sooner if the borrower and lender consent to a closer sale date.

If a “power of sale” clause is present in the original loan documents, the lender may foreclose using Non-Judicial Foreclosure procedures. If the clause states the time, place, and terms of the sale, then those details must be followed.

The notice of sale must be recorded in the county in which the property is located and must be served upon the borrower. If the borrower can not be located, notice of the sale must be posted on the property and served to any occupants of the property. Publication of the notice must be done for six (6) consecutive weeks in a newspaper that is generally circulated in the county.

The sale is conducted as a public auction at the time and place listed in the notice of sale. The sale is permitted to be postponed. The high bidder receives a certificate of sale.

Borrowers in Wisconsin are entitled to a twelve (12) month redemption period if the court does not confirm the sale. However, lenders usually apply for confirmation of the sale.

The lender may only sue the borrower for a deficiency judgment if the intention to sue is specified in the lender's application for confirmation of the sale. Otherwise, the lender may not sue the borrower for a deficiency judgment.