What is Foreclosure in Manitowoc, Wisconsin?

Find the right Foreclosure Bankruptcy attorney in Manitowoc, WI

Foreclosure in Manitowoc, 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 some states, original mortgages are "non-recourse loans," meaning that the lender may only recover ownership of the house in the event of default. If the house is now worth less than the balance of the mortgage, the lender has to take the loss. You should speak with a Manitowoc, Wisconsin attorney to see if this state is one of them. However, it is almost always the case that this protection does not apply to loans that have been refinanced.

How Can I Avoid Foreclosure in Wisconsin?

First, you should never dismiss the matter. As unpleasant as it seems, it is necessary to stay on top of the issue. Ignoring the problem will never make it go away. You should remember that banks in Manitowoc don't want your house. While the foreclosure process can be devastating for the homeowner, it's no walk in the park for the bank, either. They expected to make a profit through interest on the loan paid over time, and foreclosure is a last resort, allowing them to cut their losses and move on. If you are forthright with them, lenders will typically try to accommodate your changed financial situation, to avoid a default on your part, and the necessity of foreclosing on their part.

If you can't work things out with your lender, there are other avenues. You can try a "short sale," which is when you sell your house for whatever amount you can get for it, and use the proceeds to pay your mortgage. If the house sells for less than you owe, the bank still receives those proceeds, but the remainder of the loan will be forgiven. You may also try a "short refinance" which allows a piece of the debt to be forgiven, and the rest refinanced. This allows the bank to wash its hands of the matter, while taking a comparatively small loss, and allows the homeowner to keep their home.

How Can A Manitowoc, Wisconsin Attorney Help?

If you are facing the possibility of foreclosure, a good Manitowoc, Wisconsin real estate lawyer can help. At the very least, they will be able to inform you of your legal options.

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Life in Manitowoc

Manitowoc is a city located in Manitowoc County, Wisconsin. It is also the county seat of that county. As of the 2000 Census, Manitowoc has a population of approximately 35,000 people. The area now known was Manitowoc has been continuously populated by humans for thousands of years. It was first settled by people of European descent in 1835. Manitowoc has the interesting distinction of being the crash site of a Soviet spacecraft, Sputnik 4. The crash occurred in 1962, and involved a 20-pound piece of a much larger spacecraft. Nobody on the ground was injured, and the spacecraft itself had nobody in it. Today, there is a historical marker on the spot where the piece hit, and a cast of the part was made before it had to be returned to the USSR. The cast now sits in a museum in Manitowoc. Manitowoc is home to a zoo, as well as several historical sites, art museums, and parks, providing many recreational opportunities. If you live in Manitowoc, Wisconsin, and need an attorney, it's likely that you'll be able to find one. Manitowoc, Wisconsin lawyers can handle just about any case you might have.

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