The foreclosure timeline in Wisconsin typically begins with a homeowner defaulting on their mortgage by missing payments. The lender can then file a foreclosure lawsuit against the homeowner. If the homeowner does not respond to the lawsuit within 20 days, the lender can request a judgment of foreclosure. This judgment starts the redemption period, during which the homeowner can pay off the loan to end the foreclosure. If redemption does not occur, a sheriff's sale auction is held where the property is sold to the highest bidder.

1. FORECLOSURE TIMELINE FOR WISCONSIN
Date Reviewed: _______________________________________
Presented By: _______________________________________
1. DEFAULT: In order for a lender to begin a foreclosure action, the
borrower must “default” on the terms of his or her mortgage. The most
common type of default is a failure to make the installment payment when
the payment is due. The vast majority of mortgages contain language that
allows the lender to accelerate the entire balance of the mortgage and
declare it due and owing. This language allows the lender to collect the
entire, remaining amount of the mortgage.
In today’s environment, it is not unusual for a lender to wait until a
borrower misses more than one monthly payment before beginning a
foreclosure lawsuit. So it may be 60 days or more from the due date of
your first missed payment before a lender begins a foreclosure lawsuit.
2. FORECLOSURE LAWSUIT: Like any other civil action, a foreclosure
begins with the filing of a summons and complaint in the clerk of courts
office for whatever county the real estate is located.
The lender must then serve the parties including the borrower with a copy
of the filed lawsuit. Once a party in a foreclosure is served with the
summons and complaint, the party has only twenty (20) days to file an
answer with the court. Because so many parties either do not care enough
to answer or simply do not answer within this time period, after the twenty
days expire, lenders ask the court for a “judgment of foreclosure.”
It should also be noted that in Wisconsin, the lender must declare in the
lawsuit whether or not it will seek a deficiency judgment against the
borrower.
3. JUDGMENT OF FORECLOSURE AND REDEMPTION PERIOD:
The day on which a judgment of foreclosure is entered is an important
date because so many deadlines begin to run from this day.
The first important deadline that begins to run is the “redemption” period.
“Redemption” means exactly what you probably understand it to mean-
the borrower (the debtor) has the opportunity to pay the lender what is
owed and end the foreclosure lawsuit.
Here are the most common, but not all, of the statutory redemption periods.
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2. TIME PERIOD TYPE OF PROPERTY OR CLAIM
Two months Abandoned property
Three months Commercial property; non-owner occupied residences and multi-
family residences with no deficiency judgment
Six months Commercial property; non-owner occupied residences, and multi-
family residences with deficiency judgment
Six months One to four family residences, owner occupied at the
commencement of the action with no deficiency judgment; farm,
church or tax-exempt non profit charitable organizations with no
deficiency judgment
Twelve months One to four family residences, owner occupied at the
commencement of the action with deficiency judgment; farm,
church or tax-exempt non profit charitable organizations with
deficiency judgment
At the end of the redemption period is the sheriff’s sale of the property.
4. SHERIFF’S SALE: at the end of the redemption period, a sheriff’s sale
is held. Typically, a Notice of a Sheriff’s Sale is published about 2
months before the expiration of the redemption period.
In Milwaukee County, Sheriff’s sales are typically held on Mondays.
Other counties may differ. Anyone can bid at a Sheriff’s sale. This
includes the debtor, the lender, or people off the street.
The highest bidder for a particular piece of real estate must put down ten
(10%) percent of the sales price in cash or certified funds, unless the party
foreclosing (the lender) was the highest bidder.
The Sheriff’s Sale then must be confirmed or approved by the Court. The
confirmation of the sheriff’s sale is typically a very short court hearing at
which the circuit court puts its “stamp of approval” on the sale of the real
estate. The court normally only looks to see if the sale price “shocks the
conscience of the court,” that is, if the highest bid was fair.
Once that threshold is passed, the court approves the sale, the highest
bidder must pay the balance of the sales price, and the Sheriff’s deed is
recorded. The title to the real estate then passes from the borrower (the
prior owner) to the highest bidder.
THE ABOVE INFORMATION HAS BEEN PROVIDED TO RE/MAX BY
ATTORNEYS DEUTCH & WEISS, LLC. While the information stated therein is
believed to be true and accurate, RE/MAX cannot and does not give legal advice.
form r – drafted by Attorney Alan H. Deutch for exclusive use by RE/MAX Realty 100 2009
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