What is Foreclosure in Oshkosh, Wisconsin?

Find the right Foreclosure Bankruptcy attorney in Oshkosh, WI

Foreclosure in Oshkosh, 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 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 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 various states, mortgages which have not been refinanced are "non-recourse loans." This means that, in the event of default, the bank can take ownership of the house and sell it; but if the sale price happens to be less than the balance of the mortgage, the lender cannot go after the debtor for the remainder. Because of this, some people have found that their best option is to simply walk away from the home if the mortgage is more than the house is worth. You should talk with an Oshkosh, Wisconsin Lawyer to see if this state is one of them.

How Can I Avoid Foreclosure in Wisconsin?

First and foremost, you should not dismiss the possibility of foreclosure. Failing to respond to collection calls from your lender will not make the problem go away. As unpleasant as this may seem, you should stay in contact with your creditor, and be honest with them. One should remember that banks generally don't want to take your house in Oshkosh. 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 keep you from defaulting.

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 generally 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 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 Oshkosh, Wisconsin Attorney Help?

If you are faced with the possibility of foreclosure in Oshkosh, Wisconsin, an Lawyer may be able to help. At the very least, he or she can advise you of your legal options.

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Life in Oshkosh

Oshkosh, Wisconsin is a city in Winnebago County. According to a Census estimate from 2007, its population is approximately 64,000 people.

Oshkosh is named the Menominee Chief Oshkosh, whose name means "claw" in the Menominee language. He was one of the first Native Americans in the area to make contact with European settlers and fur traders in the 18th Century.

During the early 19th Century, the area gradually grew as a trading post for furs, meat, and other natural resources that were abundant in the frontier. By the mid-19th Century, the industrial revolution was underway, and Oshkosh, Wisconsin's economy boomed thanks to its abundant lumber, and the building boom brought on by industry. The presence of navigable waterways and, later, the arrival of a railroad made the area even more attractive for this industry.

Modernly, Oshkosh is a fairly quiet city, with a large number of residential neighborhoods. Its economy is faring relatively well, compared to other cities in the region, doing slightly better than the national average in several indicators, such as unemployment and the percentage of people below the poverty line.

If you live in Oshkosh, Wisconsin, and have a legal issue, it's likely that there's an attorney who can handle it, no matter how complicated or simple it is. Oshkosh, Wisconsin lawyers can handle just about any case you can throw at them.