What is Foreclosure in Milwaukee, Wisconsin?

Find the right Foreclosure Bankruptcy attorney in Milwaukee, WI

Foreclosure in Milwaukee, 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 some states, original mortgages are "non-recourse loans," meaning that the lender can 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 Milwaukee, Wisconsin lawyer to see if this state is one of them. However, it is almost always the case that this protection does not apply to loans which have been refinanced.

How Can I Avoid Foreclosure in Wisconsin?

Most importantly, you must not ignore 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 honest with them. It is essential to remember that banks don't really want to own homes in Milwaukee. 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 enable you to keep paying them in the long run.

If you can't work things out with your lender, there are other options. You could 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 gets those proceeds, but the remainder of the loan will be forgiven. You could also consider a "short refinance" which allows a chunk of the debt to be forgiven, and lets you refinance the rest.

How Can A Milwaukee, Wisconsin Attorney Help?

If you are worried about foreclosure, a good Milwaukee, Wisconsin real estate lawyer might be able to help. A lawyer 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 Milwaukee

Milwaukee, Wisconsin is the largest city in that state. It has a population of over 600,000 people.

The area now known as Milwaukee was populated by various Native American tribes for thousands of years before the arrival of European settlers. In the 1840s, a large wave of German immigrants, fleeing the 1848 revolution, sought the freedom and inexpensive land that the Milwaukee area offered. They contributed to the city's German character, which persists to this day. Beginning in the early 20th Century, Milwaukee became a major center for the socialist movement in the U.S., and elected 3 mayors from the Socialist Party.

Today, 13 companies in the Fortune 1000 have their headquarters in Milwaukee. Health care is one of the largest sectors of Milwaukee's economy, comprising about 27% of the jobs in the city. About 2/3 of the Milwaukee workforce is employed in manufacturing of some sort, which is one of the highest percentages in the U.S. - it seems clear that Milwaukee's manufacturing sector has survived the rash of factory closings and outsourcing that ravaged so many other Midwestern cities in the last few decades.

Milwaukee, Wisconsin has a thriving legal community. If you live in the Milwaukee area, and need legal services, a Milwaukee, Wisconsin lawyer can help.

Clients Rate LegalMatch Attorneys
(click to read reviews)

Ian M.
Ian M.

Bankruptcy, Banking & Credit

Richboro, PA

Eddy H.
Eddy H.

Bankruptcy, Banking & Credit

San Mateo, CA

Howard B.
Howard B.

Bankruptcy, Banking & Credit

Rye Brook, NY