"How long does the foreclosure process take?" 

In Wisconsin, typically you are considered to be in default of your mortgage after falling 3 months behind, or not making a payment for 90 days.  At this time you will be sent a foreclosure warning letter and your lender will file a foreclosure lawsuit and the county sheriff will serve you with the papers.  This takes 30-60 days.

Now that you have been served the papers, the clock is ticking... You have 20 days to respond to the court (either "I paid", "I will pay", or "I don't owe it and why"), or the foreclosure judgement will be entered against you.

Once the judgement has been entered against you, there is a 6 month redemption period within which you can reclaim your house if you pay the past due amount plus any interest and fees. 

At the end of the redemption period, the sheriff's sale is scheduled.  This will takes another 4-8 weeks and must be published in a newspaper and public records.

Things can happen fast after the sheriff's sale.  Once the sale is confirmed, you will receive a notice to vacate the property within only a couple days.

Total time from the day you stop paying until the vacate date is approximately 11-13 months, or right around a year.

Check out my post 7 Solutions to Foreclosure for ideas on how to work through the foreclosure process... http://activerain.com/blogsview/246995/Falling-Behind-on-Your

The foreclosure process varies from state to state, and is a very complicated process.  If you are facing this situation, you must consult local legal, tax, and real estate professionals for advice on your individual situation.

 

 
This post has been included in Wisconsin Information

9 Comments on Foreclosure Timeline - How long do I have?

OCT
27
2007
233,860 Points 3 Featured Posts
wow, a year, in california its about 12o days
12:11pm • #1
6 Featured Posts Localism Sponsor
Thanks for this post. Its unfortunate that this is becoming a hot topic, but its important to know these things
12:15pm • #2
MAR
27
2008
In Washington it is a 120 days too.
1:30am • #4
FEB
05

The process varies so widely by state. In some states, title transfers to the bank almost immediately, and THEN the bank puts up their now owned property for auction. In others, it can take years. That's why it's so important to know the foreclosure laws in your state and NOT fall prey to learning everything from the "national" sites or off the shelf "Guru" books.

- Jeremy Shapiro, ForeclosuresMass.com

4:07pm • #7
APR
29

This is great information Chris! I invite you to join www.HelpMeSaveMyHouseRightNow.com and help us make a difference with our members. We are a social community for distressed homeowners nationwide and help them reach out to people in similar situations. We want to give homeowners a voice in helping them get honest, transparent and ethical information regarding issues like foreclosure, loss mitigation, short sales, ect. Many people don't have a clue what to do or where to start much less what to expect if they are in the process of losing their home.

Thanks for being a dedicated resource!

1:18am • #8
JUL
02

Great post..

Very useful one.. Thanks for post..

Idaho Real Estate

9:45am • #9
JUL
18

Drop us a line:

 

Rick Watson

Myloannightmare.com

Savemyhome@myloannightmare.com

1:26pm • #10
SEP
01

nice post mahalo Jeff

6:13pm • #11
NOV
11
Outside Blog

Thanks

10:20pm • #12

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Chris Schulz - St Croix Valley Real Estate

Hudson, WI

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Keller Williams Integrity Realty WI/MN

Address: 2424 Monetary Blvd., Suite 201, Hudson, WI, 54016

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