Legal Question in Real Estate Law in Wisconsin

Although it is impossible to predict how promptly any given lender will move forward in foreclosure cases, there is a "redemption period" in WI for most bank foreclosures on single family owner occupied properties of six months. This means that the owner has six months to make other arrangements to redeem the property via paying off the loan (for example, by either selling or refinancing), before the bank can hold the sheriff's sale which marks the beginning of the end of the foreclosure process. This six month period usually begins to run after the judgment of foreclosure is first entered, although this period can be shortened if if the owner abandons the property. Getting to the point of judgment when the redemption period starts to run can also sometimes take a year or longer, as long as the home owner hires a lawyer to fight the foreclosure case (or unless the lawyer at least forces the bank to prove its case by filing a legally sufficient answer to the complaint on behalf of the home owner). This "answer" usually must be filed within 20 days of service of the summons and complaint for most defendants. Its function is to notify the court that the homeowner is contesting the foreclosure case. If the answer is not filed within the 20 day time limit, the court will assume that the homeowner is not interested in saving the property or continuing to reside there, allowing the bank to move for default judgment of foreclosure after the time to answer has expired. While all this litigation plays out, the homeowner occupying the property has the right to live there rent free (or to even rent out the property in some cases and keep the rent). These time schedules often make hiring a lawyer to fight a foreclosure case cheaper for a substantial period of time than paying rent at a new residence. My comments in this public web forum are intended only for public educational purposes and not as legal advice for you. You therefore should retain your own attorney as soon as possible, since time limits can apply to many different types of legal matters which could severely damage your case if they expire without receiving proper attention in a timely fashion. However, you are welcome to contact me at my office in Racine if you wish to discuss further assistance.