Wisconsin Foreclosures and Foreclosed Homes for Sale

If a borrower defaults on mortgage payments in Wisconsin, the lender is able to file a lawsuit in court in order to start the foreclosure process. Known as a judicial foreclosure, this is a time consuming process, which requires the borrower to respond to the complaint within a specified timeframe. In addition to serving the borrower with the required papers, junior lien holders must also be notified of the pending lawsuit before the court will make its decision.

If the court rules in favor of the lender, a public auction will be scheduled. The borrower retains the right to stop the foreclosure process anytime prior to the sale of the home by paying off the default amount in full, plus any applicable taxes and fees, as determined by the lender. In addition, the borrower will have a redemption period after the sale of the property. The length of this redemption period is determined by the terms of the existing mortgage.

The notice of sale may not be published until at least 10 months after the court's ruling. These notices are an indispensable resource for anyone looking to purchase a foreclosure in Wisconsin, as they list information pertinent to the auction, such as time, date, and location, as well as the various terms of sale.

While property auctions in Wisconsin are open to the general public, each bidder must show they have the ability to pay 10 percent of their maximum bid immediately after the auction ends. This deposit is mandatory for the winning bidder, with the remaining balance due within 10 days, or immediately after the county clerk confirms the sale. If the full balance is not paid on time, the winner forfeits the balance, which is disbursed to the lender, and another sale is scheduled.

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