Foreclosure Attorney in Milwaukee, WI
Having a home is an essential part of living. This is where we go to reside, to rest, and to keep us safe. All of us dream of one day owning a place to call our home. However, when we fail to pay our mortgages, we can find our house to be up for repossession. If you are facing repossession in Milwaukee, get in touch with a foreclosure lawyer from Wisconsin to help you with your case.
Failure to make mortgages can result in the foreclosure of your home. To elaborate, foreclosure is when your home is repossessed or taken from you due to defaulting payments. Wisconsin homeowners can protect their homes from foreclosure through a thorough study of the foreclosure law with the help of a foreclosure lawyer from Wisconsin.
Seasoned Wisconsin Foreclosure Lawyer
When faced with issues regarding foreclosure or bankruptcy in general, do not go through the matter alone. As terrifying and saddening as it may seem, this is all the more reason why you need to enlist in legal assistance-to have someone who has legal knowledge to help you navigate the case and ensure you get the best outcome possible.
Get in touch with a foreclosure lawyer in Wisconsin from Miller & Miller, LLC. The foreclosure lawyer can provide you with tailor-made solutions to your case that take every aspect into consideration. The bankruptcy-centered firm can represent you in a foreclosure case and ensure that you come out on top. Schedule an appointment with a foreclosure lawyer from Wisconsin now.
Why do I need a Foreclosure Lawyer in Wisconsin?
Nothing can be more terrifying than the idea that the home you’ve put effort into is going to be taken away due to default mortgages. Having a foreclosure lawyer from Wisconsin can help you understand and navigate this case better. A lawyer can represent you and formulate the best arguments to help you keep your home.
Enter Miller & Miller, LLC. The bankruptcy-centered firm is committed to providing friendly consultation sessions to clients that help them understand their case coupled with accessible, state of the art filing systems and walking you through the bankruptcy process by answering any questions and providing legal counsel.
The law firm’s three step process has helped plenty of clients get their lives back on track. From helping them get out of debt to cleaning up their credit and building up their score, the law firm will be by your side through it all. If you are facing foreclosure or bankruptcy, know that it is best to get in touch with a foreclosure lawyer from Wisconsin to help you with your case.
What is Foreclosure?
Foreclosure is defined as the mortgage or lien holders to have property ownership or sell that property with proceeds to pay off mortgages in the event mortgage payments default. Defaults in payments resulted in automatic property ownership but overtime, laws have given mortgagers more chances to pay off their properties.
The concept and processes involved in foreclosure are long and complicated. Enlist the help of a foreclosure attorney from Wisconsin who can explain the processes to you and provide you with legal assistance. A foreclosure attorney can offer quality representation and formulate strong arguments for a stronger defense.
What is Pre-Foreclosure?
Pre-foreclosure is defined as the period after defaulting on mortgages but right before the start of foreclosure. Servicers can charge fees as inspection fees during pre-foreclosure. These servicers are required to inform you of the steps you need to take in order to avoid foreclosure together with a breach letter that serves are your preforeclosure notice.
A 10-15 day grace period is included on missed payments on loans, after which the servicer sets forth a late fee which will then be charged each time the mortgagor misses payment. The mortgagor can view the promissory note that was previously signed in order to find out the amount.
What is Acceleration?
Acceleration helps to determine the amount a mortgagor owes under foreclosure. This works when the mortgage is taken out on property with certain amounts of monthly payments and the mortgagor defaults on these. Mortgage holders can demand the mortgagors to be more responsible in paying dues.
What is the 120-day Waiting Period?
When a mortgagor defaults on payment, it is considered to be breach of contract since it breaks the agreement between the mortgagor and the lender wherein the mortgagor will make monthly payments. Banks cannot foreclose immediately, however, since the Dodd-Frank Act indicates that loan services must undergo a 120-day waiting period before continuing with foreclosure.
In those 120 days, homeowners have time to study loss mitigation along with choosing from options such as mortgage modifications or a deed in lieu of foreclosure. A loss mitigation can only be filed after a foreclosure and must be completed before the 120 days have passed. A loss mitigation that isn’t filed can lead to the lender starting foreclosure 120 days after missed payment date.
How Do I Stop Foreclosure in Wisconsin?
If you are facing foreclosure due tomissed mortgage payments, know that it isn’t all gloom and doom. There are ways in order for you to stop foreclosure in Wisconsin, among them being:
Reinstating the Loan
The state’s law gives mortgagors the right to reinstate the loan before the judgment. The court dismisses the foreclosure . One can also reinstate after the judgment which will postpone foreclosure. Be sure not to default on payments since the moment you do, foreclosure will commence.
Redeeming the Property
Wisconsin has a redemption period wherein they can repurchase their properties once it goes on sale. The redemption period happens before the sale and is around the same time between judgment and foreclosure sale. Wisconsin’s processes in redeeming the property are complicated and vary depending on circumstances such as the bank seeking deficiency judgment and date of mortgage signing. Enlist the help of a foreclosure lawyer from Wisconsin to sort out this matter.
File for Bankruptcy
If you are in danger of losing your home, you can file for bankruptcy to stop it. If a foreclosure sale is to occur, the best way to stop the sale is to file for bankruptcy. Upon filing for bankruptcy, the property goes into automatic stay which prohibits the lender from foreclosing the home or collect dues.
Also, if helpful, you can use the free Chapter 13 calculator below to estimate your Chapter 13 plan payment that will include what it will take to get caught up on your mortgage.