What to do if you are in Foreclosure in Wisconsin?

Remember, there are many things you should do when you are behind in your mortgage. If you have stopped paying the bank or not made your mortgage payment this month or in months, you might be asking yourself what should I do? Can I stay in my home in Wisconsin while in foreclosure? What will foreclosure do to my credit report? What should I do about my utilities? How long can I stay in my home before I have to move out?

What Should I do when I get behind on my Mortgage?

We get asked this quesion alot.

1. Don't ignore the phone calls and letters from your lender. This is the best way to wake up to a knock from the WI local Sheriff telling you to vacate the home. Take this matter very seriously and work to resolve the problem as quickly as possible. Keep track of all correspondence you receive for later reference.

2. Stay in your home. In Wisconsin, you may not qualify for foreclosure help if the house is vacant. Your home, if proved vacant, can be seized. Stay in your home!

3. Contact WI Financial Experts to discuss what the best foreclosure solutions are for you. We will negotiate on your behalf with the Mortgage Company to get your loan back in good standing. We understand the system, the foreclosure laws and the chain of events necessary to help you keep your home out of foreclosure. We will gladly walk you through them in a non-threatening way.

We know in this economy making your mortgage payment is getting tougher and tougher. Given the state of the Wisconsin economoy it is hard to say when it will get better. We are here to help if you have missed a mortgage payment or already are heading to default with your lender.

What are my options to save my home from Foreclosure in Wisconsin?

1. Reinstatement - Pay the Mortgage Company all of the back payments to bring your mortgage current. This option is rarely attainable. The Mortgage Company will add late fees and Attorney fees on top of your back payments making this amount much more than people are able to come up with.

2. Workout - We can negotiate with your Mortgage Company to bring your loan back in good standing. There are many options available to us to get a work out approved. Some examples are as follows:
a. Loan Modification - We may be able to adjust the terms of the loan to meet your financial situation.
b. Forbearance - We will be able to arrange a payment plan based on your financial situation. This is mostly used in the instance of a tragedy or temporary loss of employment.
c. Partial Claim - You may qualify to have the repayment amount applied to the end of the current loan and resume normal payments.

3. Refinance - We have established partnerships with very reputable lenders who can give loans on mortgages that are in foreclosure if there is enough equity available.

4. Sell Your Home - You may simply sell your home before the Foreclosure Sale Date. Sometimes the home owner is unable to sell the home outright at the desired sale price and this is not an option. We may be able to negotiate a Short Sale on your behalf with your Mortgage Company. In this instance the Mortgage Company may take less than what you owe on the loan to avoid a lengthy and costly foreclosure process.

5. Deed-in-lieu of Foreclosure - We can arrange for you to simply give the home back to the Mortgage Company and walk away with a clean slate.

6. Bankruptcy - This is a last resort. This will only save your home temporarily. If you miss one payment during this process the lender will put you right back into foreclosure. This is like putting a band aid on a bullet wound... we will still need to come up with a permanent repayment solution to get your house payments back on track. We can put you in touch with an Attorney to file the necessary paperwork.

7. Foreclosure - You may elect to allow the home to be entered into mortgage foreclosure. This is the most damaging to you. The Mortgage Company will take your home and all of your equity. If there is no equity they may come after you to pay the shortage or 'deficiency'. This is also the most damaging to your credit and your ability to acquire another home loan.