What is Foreclosure in West Allis, Wisconsin?

Find the right Foreclosure Bankruptcy attorney in West Allis, WI

Foreclosure in West Allis, 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 all states in the United States, including Wisconsin, foreclosure by judicial sale is an option. This allows the sale to be conducted under the supervision of a court, to ensure that the bank makes a good faith effort to get a fair price, and that the proceeds above and beyond the balance of the mortgage (if there are any) go back to the debtor. In many states, original mortgages are considered non-recourse loans, meaning that if the house is foreclosed and sold for less than the debtor owes, the bank cannot go after the debtor for the remainder. You should consult with an attorney in West Allis, Wisconsin to see if this is the case. However, this usually doesn't apply if the mortgage has been refinanced.

How Can I Avoid Foreclosure in Wisconsin?

First and foremost, you should not ignore the possibility of foreclosure. Failing to respond to collection calls from your lender will not make the problem go away. As unpleasant as this might seem, you should stay in contact with your creditor, and be honest with them. You should remember that banks in West Allis 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 honest with them, lenders will usually 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 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. 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 West Allis, Wisconsin Attorney Help?

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

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Life in West Allis

West Allis, Wisconsin is a charming city located in the greater Milwaukee area. West Allis has a sizeable population of just under 65,000 residents and is a very popular place to visit in Wisconsin. The city is located on 11.4 square miles.

West Allis is home to the Wisconsin State Fair, and the fairgrounds are a popular place for concerts and other activities in addition to the fair. West Allis has a lot of activities for residents to enjoy including parks, trails, and movie theaters. The Root and Kinnickinnic Rivers flow through parts of West Allis, which makes for some lush landscape and beauty for residents and visitors to enjoy.

West Allis is also home to some fabulous lawyers. Lawyers practicing in West Allis are trained to help their local client in any legal matter he or she is facing. Many West Allis lawyers grew up in the city and decided to practice there and their appreciation for their community is evident. In addition to great lawyers, West Allis has a wonderful professional community which makes this city a great place to work in. Whether visiting or living, West Allis has it all!

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