What is Foreclosure in Greenfield, Wisconsin?

Find the right Foreclosure Bankruptcy attorney in Greenfield, WI

Foreclosure in Greenfield, 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 typically requires the house to be sold at an auction. Typically, 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 Greenfield, 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?

Most importantly, you must not dismiss the problem. Doing so will not make it go away, and will probably make it worse. You should stay in close contact with your bank, and be forthright with them. You should keep in mind that banks typically don't want to take your Greenfield home. They aren't in the real estate business, and expect to make money through interest on the loan, not by selling your house. If you are up-front with them early on, they will probably make a reasonable effort to accommodate your financial system if it will prevent you from defaulting.

If you believe that foreclosure is imminent, there are some other avenues. For example, you may be able to engage in a "short sale," which sometimes allows you to sell your house for whatever amount you can receive, give the proceeds to the lender, and walk away free of your mortgage debt, even if the sale netted less than the balance of the mortgage. You may 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 Greenfield, Wisconsin Attorney Help?

If you think foreclosure is imminent, a good Greenfield, Wisconsin lawyer may be your best hope for staving it off. Even if keeping the house proves impossible, a good attorney can minimize the financial effects.

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Life in Greenfield

Greenfield, Wisconsin is a city located in Milwaukee County. Its current population is estimated to be about 35,000 people.

Greenfield was formed as a distinct town, out of unincorporated territory in Milwaukee County, in 1957. It was the final municipality in Milwaukee County to incorporate. Greenfield is doing fairly well, economically, with less than 5% of the population living below the poverty line, and a median family income of about ,000, about the same as the state average, which is good compared to many other parts of the region which have been particularly hard-hit by the recession of the early 2010s.

Greenfield, like much of Wisconsin outside the cities, is known for its beautiful natural scenery, boasting rolling green hills, lakes, and rivers. Because of this, Greenfield is home to a large number of parks and recreational areas, featuring hiking, boating, and fishing, among other outdoor activities which are popular among residents and visitors alike.

If you live in Greenfield, Wisconsin, or other parts of Milwaukee County, Wisconsin, you're in luck. There are many Greenfield, Wisconsin lawyers who can help you with just about any legal problem you might have. If you think you need legal assistance, you should call a Greenfield, Wisconsin lawyer as soon as possible.

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