What is Foreclosure in Brown Deer, Wisconsin?

Find the right Foreclosure Bankruptcy attorney in Brown Deer, WI

Foreclosure in Brown Deer, Wisconsin is a legal proceeding which allows a mortgage lender to take ownership of the home that was used to secure the mortgage, in the event that the creditor defaults. Foreclosure usually requires the house to be sold at an auction. Usually, banks want to rid themselves of the property as soon as they can, in order to collect as much money as possible.

In every state, including Wisconsin, there is an option to go through foreclosure by a judicial sale, which is a procedure in which a court supervises the sale of the property, and makes sure that the proceeds first go the to the holder of the mortgage, then to anyone else who may have a lien on the property, and finally to the debtor if anything is left. In many states, original mortgages (as opposed to refinanced loans) are "non-recourse" loans, meaning that the most the lender can collect is whatever the foreclosed property sells for. The bank cannot go after the borrower for the balance, if the sale nets less than the amount due. You should consult a lawyer in Brown Deer, Wisconsin to learn the details of the law here. You should also know that this rarely applies to loans which have been refinanced.

How Can I Avoid Foreclosure in Wisconsin?

First and foremost, you should not ignore the possibility of foreclosure. Failing to respond to collection calls from your lender will not make the problem go away. As unpleasant as this might seem, you should stay in contact with your creditor, and be honest with them. It is necessary to remember that the bank does not really want your Brown Deer house - they expected to make a profit through the interest on your loan, and that's what they'd prefer to do. Accordingly, they will probably make reasonable accommodations to your financial situation if it means that you will be able to make some form of payment to them.

If you can't work anything out with your lender, or have become completely unable to make any mortgage payments, a "short sale" might be a good option. This allows you to sell your house for whatever price it can get, and hand the proceeds over to the lender. If the sale price is less than the balance of the loan, the rest of the debt might be forgiven. You might also consider a "short refinance" which allows a portion of the debt to be forgiven, while refinancing the rest, hopefully under better terms.

How Can A Brown Deer, Wisconsin Attorney Help?

If you are faced with the possibility of foreclosure in Brown Deer, Wisconsin, an attorney might be able to help. At the very least, he or she can advise you of your legal options.

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Life in Brown Deer

Brown Deer is a village in Milwaukee County and was formerly a part of the town of Granville. Brown Deer officially incorporated on January 20, 1955 and is home to 13,000 Wisconsin residents. The village covers a total of 4.4 square miles and plays host to a large population of Caucasians and African-Americans over half of whom are married. The village is one of only two municipalities in Wisconsin that retains an African American population greater than 10%.

Brown Deer is popular among families because of it's great schools which include Deen Elementary School, Brown Deer Middle School, and Brown Deer High School. Formerly, Algonquin Elementary School was open on North 47th Street but closed because it could not compete with the newer Deen Elementary School. Brown Deer residents enjoy access to many nearby parks and shopping centers that also attract visitors from neighboring counties. Brown Deer also has an outstanding kids sports program for residents which offers baseball, soccer, and basketball among other sports.

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