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Wisconsin Reduces Redemption Periods

Gavel BHThe State of Wisconsin has reduced the length of foreclosure actions for any mortgage executed on or after April 27, 2016.

For mortgages executed on or after April 27, 2016, a foreclosure on a one to four family residence that is owner-occupied at the commencement of the action, a farm, a church, or a tax-exempt charitable organization will have their redemption periods reduced as follow:

  • No Waiver of Deficiency – Reduced from 12 Months to Six Months [Wis . Stat. § 846.10]
  • Waiver of Deficiency – Reduced from Six Months to Three Months [Wis . Stat. § 846.101]

A mortgagor may file a motion in the foreclosure action prior to the entry of judgment to request an increase of two months to either redemption period as listed above. The mortgagor must show both a good faith attempt to sell the property and proof that the mortgagor has entered into a listing agreement with a licensed real estate broker in order to extend the redemption period. The sheriff’s sale process has otherwise not been changed and mortgages executed prior to April 27, 2016 will follow the redemption periods previously in place.

About Author: Shawn R. Hillmann

Shawn R. Hillmann is a shareholder and VP of Bass & Moglowsky, S.C. of Wisconsin. He focuses his practice on mortgage foreclosures and real estate litigation. Hillmann is responsible for the firm’s compliance with state and federal laws, as well as client relations. He is a member of the State Bar of Wisconsin, the Wisconsin Mortgage Bankers Association and the Wisconsin Land Title Association. Hillmann is a graduate of the University of Wisconsin-Madison (1998) and Marquette University Law School (2001).
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