Legal Question in Real Estate Law in Wisconsin

Foreclosure ;Two Homes, One Still Current

It may be possible in WI to retain one home with a current mortgage even if a different home (and mortgage) is in foreclosure. However, this will depend upon a number of factors including the structure of the debt on the properties. Sometimes, banks grant "bridge loans" for owners to retain two properties on a temporary basis until one sells. In this event, the loan and mortgage probably cover both properties (i.e., "cross-collateralization), meaning that you could potentially lose both. I would need to review loan documents and fully understand your general financial circumstances in order to advise you. You should also consult with a bankruptcy lawyer, since it is possible to lose a home to creditors even without a foreclosure if you do not properly protect your rights. If you are similar to most financially distressed consumers, your total debt load may become more than you can bear, leading to other problems including foreclosure.