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Foreclosure Survival Guide
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Foreclosure Survival Guide (1st Edition)
| Topic | State Rule |
|---|---|
| Common type of foreclosure process | Judicial |
| Time to respond | After foreclosing party files lawsuit, homeowner has 20 to 30 days to respond. If foreclosure is granted, court issues judgment and order of sale. Sale can’t be held until one year after the judgment is entered, or six months after entry of judgment if the foreclosing party waives its right to a deficiency judgment. |
| Reinstatement of loan before sale | Available any time before judgment; homeowner may ask court’s permission to continue with reinstatement after judgment. |
| Redemption after sale | No |
| Special protections for foreclosures involving high-cost mortgages | None |
| Special state protections for service members | Wis. Stat. § 21.75 |
| Deficiency judgments | Must be requested in the foreclosure complaint |
| Cash exempted in bankruptcy | About $11,000 for one person, $22,000 for a married couple under federal bankruptcy exemptions |
| Notice to leave after house is sold | Homeowner may remain in possession pending sale. |
| Foreclosure statutes | Wis. Stat. §§ 846.01 to 846.25 |