Legal Question in Real Estate Law in Wisconsin
Wisconsin Real Estate
I own two rental properties in Milwaukee that I can no longer keep. They aren't worth what I paid, I can't rent them, I'm being foreclosed on. Can the banks come after my primary residence if I just walk away?
2 Answers from Attorneys
Re: Wisconsin Real Estate
The property will be foreclosed. The mortgage holder will probably sue you for the difference of the sale price and what you owe them (deficiency judgment). When they get a judgment they can attach your assets, including bank accounts and your house. There may be some things you can do to protect your assets. You may call for a free consultation.
Re: Wisconsin Real Estate
If you signed the mortgage note personally, and unless there are any non-recourse provisions in that note, your lender may decide to go after you for any deficiency. The equity you have in your home may have some protection as an exempt asset, but that still wouldn't stop your creditor from garnishing your accounts, your wages, attaching assets, and the like. You most likely will have to find a way to deal with these creditors. Good luck!
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