Wisconsin Foreclosure Process – Questions and Answers
Posted by dempseylawfirm on June 29, 2010
Q –I received a foreclosure notice. What should I do?
A-Contact your lender immediately and explain your situation. Provide information on your income and expenses. Do not ignore the notice.
Q – Do I have any options other than foreclosure?
A – Yes, you may. Our experienced attorneys may be able to assist you.
Q-Can I sell my home rather than lose it in a foreclosure?
A-Yes, you can. It is called a “short sale.” The cooperation of your lender and an experienced real estate agent are essential.
Q-Can my lender sell my home for less than what I owe?
A-Yes. And if it is sold for less, the lender may come after you for a deficiency judgment.
Q-Who can bid for my house at a foreclosure sale?
A-Anyone can make a bid, including you.
Q-What if no one makes a bid for my home?
A-Your lender will take possession and hire a real estate agent to sell your home.
Q-Is it really worth trying to save my home?
A-Yes, if you are willing to fight for it and you have sufficient equity in it. Our experienced attorneys can discuss strategies and options with you.
For more information about our firm, please go to www.dempseylaw.com.
