Legal Question in Real Estate Law in Wisconsin

Land Contract Foreclosure, Getting a Defaulting Buyer to Leave

Unfortunately, recorded land contract interests, possessory interests relating to them and certain lease options to purchase can only be involuntarily terminated via two different types of legal proceedings in court. One of these legal options is a full blown foreclosure, and the other is a forfeiture lawsuit. If the debtor has other judgments or liens on his title, the forfeiture option may not be available. Either way, these proceedings are likely to be more simple than a mortgage foreclosure with shorter redemption periods. You will also be able to add legal fees and court costs to the amount of the judgment. Persons considering a land contract sale should keep all this in mind before proceeding, and compute a down payment which is sufficient to pay these potential costs for them in the event of default. Another option, of course, is to negotiate a voluntary departure of the debtor by purchasing his interest getting him to voluntarily abandon or relinquish it. Even this, however, will require professional attention to your land title in order to properly clear it of the interest of the land contract vendee. All that being said, I do not have enough information to answer your question. My above suggestions are mere speculation based upon the few facts which you have provided and are not intended as legal advice for you. You should therefore consult with your own professional before acting upon any steps which I may have mentioned.