What is Foreclosure in Eau Claire, Wisconsin?

Find the right Foreclosure Bankruptcy attorney in Eau Claire, WI

Foreclosure in Eau Claire, Wisconsin is a judicial proceeding which allows a mortgage lender to acquire ownership of the home that was used to secure the mortgage, in the event that the creditor defaults. Foreclosure normally requires the house to be sold at an auction. Normally, banks want to rid themselves of the property as soon as they can, in order to gather 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 process 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 lastly to the debtor if anything is left. In numerous 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 debtor for the balance, if the sale nets less than the amount due. You should consult an attorney in Eau Claire, Wisconsin to learn the details of the law here. You should also know that this rarely applies to loans that have been refinanced.

How Can I Avoid Foreclosure in Wisconsin?

First of all, you shouldn't dismiss the problem. You should stay in contact with your bank, and be straightforward with them. Ignoring the issue will not make it go away. It is essential to remember that banks don't really want to own homes in Eau Claire. In issuing a mortgage, they expect to make a profit through interest on the loan, and they'd prefer to continue collecting from you. Therefore, they're likely to make reasonable accommodations to your financial situation if it will allow you to keep paying them in the long run.

If no deal can be worked out, or the mortgage payments have become prohibitive, you may consider a "short sale". While the lender has to consent to it, many will take a moderate loss if it means avoiding foreclosure (which lenders typically treat as a last resort). This allows you to sell the house for whatever price it can fetch on the current market, and hand the proceeds over to the bank. If the sale nets less than the balance, some or all of the deficiency may be forgiven. You may also consider a "short refinance" which allows a part of the debt to be forgiven, and lets you refinance the rest.

How Can A Eau Claire, Wisconsin Attorney Help?

If you are worried about foreclosure, a good Eau Claire, Wisconsin real estate attorney may be able to help. An attorney can increase your chances of keeping your home, and help minimize the financial impact if keeping it proves impossible.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Eau Claire

Eau Claire is located in west Wisconsin, and is part of Eau Claire County. It is home to approximately 66,000 people. An interesting fact is that Eau Claire was one of the first Tree Cities to have been recognized. Also, in 2007 America's Promise named Eau Claire as one of the 100 best communities for young people.

Top employers include Hutchinson Technology, IDEXX Laboratories, Midwest Manufacturing and Open-Silicon. The legal industry also has a presence to support the needs of small and large corporations in Eau Claire. Small law offices and mid-size law firms train competent attorneys to provide excellent legal services to the city's residents.

Famous athletes have, at one time or another, called this city home. Such athletes include Hank Aaron, Jake Dowell, Mike Hintz, Herm Johnson, Vic Johnson, Paul Menard, Sis Paulsen, Ralph Pond, Brad Radke, Bill Schroeder, and Jerry Wunsch.

All in all, Eau Claire is a wonderful place to visit or call home!

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