Area banks, credit unions and mortgage holding companies are offering a variety of customer assistance programs that will allow borrowers to suspend mortgage payments for up to 180 days without facing fees, penalties or hits to their credit score in response to the Covid-19 pandemic.
Click here to find out how to take advantage of these programs.
Are you worried about getting behind on your mortgage? Have you already missed a mortgage payment? Take Root Milwaukee members provide free and confidential resources to help you stay in your home.
WHAT IS FORECLOSURE?
Bank Foreclosure is a legal process by which a lender takes ownership of the mortgaged property 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. View this Foreclosure Timeline for Wisconsin Homes prepared by Legal Action of Wisconsin for a better understanding of the process.
Bank Foreclosure can be devastating to your finances and your credit, and can make it more difficult and more expensive to borrow in the future. A nonprofit homeownership specialist can help you understand your options, and determine what next steps are right for you. Learn more about the various options from the Consumer Financial Protection Bureau.
If you are in any of the following situations, visit our Getting Help page or contact the Take Root Milwaukee Hotline at 414-921-4149.
- If you are making your mortgage payment, but are concerned you may miss future payments
- If you are already behind on your mortgage
- If you have received a notice of foreclosure
- If you are having trouble communicating with your mortgage lender
CLICK HERE for a list of early warning signs, and steps to take if you are facing foreclosure.