Foreclosure is a legal process by which a lender takes ownership of the mortgaged property (for example, a home) and sells it to pay a defaulting borrower’s debt.
The process of foreclosure in Wisconsin can take over 6 months but each case can vary. A non-profit housing Counselor can help you understand the process. Foreclosure can be devastating to your finances and your credit, and can make it more difficult and more expensive to borrow in the future. Be sure you recognize the signs and take action immediately.
Legal Action of Wisconsin put together this Foreclosure Timeline for Wisconsin Homes, a helpful resource for those trying to understand the foreclosure process.
Protect your future! Let us help you plan carefully before you make any decisions. Call the Take Root Milwaukee Hotline now, at 414-921-4149.
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The consumer information on TakeRootMilwaukee.org is used with permission from Freddie Mac. Freddie Mac offers extensive, regularly updated consumer information about buying and owning a home on its website, www.FreddieMac.com, in the “About Homeownership” section. Freddie Mac is not responsible for content errors or omissions on TakeRootMilwaukee.org.
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