What is Foreclosure in New Berlin, Wisconsin?

Find the right Foreclosure Bankruptcy attorney in New Berlin, WI

Foreclosure in New Berlin, 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 New Berlin, 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. One should remember that banks generally don't want to take your house in New Berlin. They issued your mortgage expecting to earn a profit on the interest. Taking possession of, and selling, your house is a last resort for them. Therefore, if you are honest with them about your financial situation, they are likely to make reasonable accommodations to prevent you from defaulting.

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. There is also the option of a "short refinance," which forgives a significant portion of your mortgage debt, and refinances the rest.

How Can A New Berlin, Wisconsin Attorney Help?

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

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Life in New Berlin

New Berlin, Wisconsin is a charming city situated between Madison and Milwaukee. New Berlin was ranked in the #34 of the Top 100 best Small American Towns to live in by Money Magazine. New Berlin is just under 37 square miles in size, and has twenty six parks in its city limits. It is no wonder that there is a high quality of life in New Berlin, and lots of outdoor activities for its residents and visitors to enjoy. Another aspect of New Berlin that makes it a top small town to live in is the professional community. New Berlin lawyers, for example are some of the best in the business and their wide range of specialties is a great resource for their community to take advantage of. In the summer, there are lots of outdoor concerts in New Berlin. New Berlin also has a highly ranked public school system, as well as great private schools. The New Berlin Industrial Park, composed of three business centers is a big part of the city's growing economy. With the range of activities and great location, it is no wonder New Berlin is such a great city to live in!

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