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Tuesday, 29 June 2010 00:00

Wisconsin Foreclosure Process – Questions and Answers

Q –I received a foreclosure notice.  What should I do?

A-Contact your lender immediately and explain your situation.  Provide information on your income and expenses.  Do not ignore the notice.

Q – Do I have any options other than foreclosure?

A – Yes, you may.  Our experienced attorneys may be able to assist you.

Q-Can I sell my home rather than lose it in a foreclosure?

A-Yes, you can.  It is called a “short sale.”  The cooperation of your lender and an experienced real estate agent are essential.

Q-Can my lender sell my home  for less than what I owe?

A-Yes.  And if it is sold for less, the lender may come after you for a deficiency judgment.

Q-Who can bid for my house at a foreclosure sale?

A-Anyone can make a bid, including you.

Q-What if no one makes a bid for my home?

A-Your lender will take possession and hire a real estate agent to sell your home.

Q-Is it really worth trying to save my home?

A-Yes, if you are willing to fight for it and you have sufficient equity in it.  Our experienced attorneys can discuss strategies and options with you.

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