Call Now!
Call Us 414-326-9231 608-260-7133 Text Us 414-326-4709

Understanding 'default' and other foreclosure terms

If you encountered a financial crisis that made you unable to make payments on your home loan, you may be at risk for foreclosure. A lender takes back possession of a property when a mortgagor can no longer make payments through this process. In such situations, your loan is said to be "in default." Facing a foreclosure threat on your Wisconsin home can be highly stressful even though the threat does not necessarily mean it will happen.

You may have several options available to avoid foreclosure. Sometimes, however, it's difficult to see what's right under your nose in such situations, meaning, you may feel so overwhelmed and worried that you aren't even aware that you have options. If you're concerned about possible foreclosure, it can help to seek financial counseling or speak to someone who has helped others find viable solutions to similar problems.

Falling behind in payments?

If you missed your last mortgage payment, it may not mean that you're going to lose your home. You're definitely not the first person to struggle to make timely payments, especially if extenuating circumstances have caused your financial distress. It's always a good idea to confer with your lender if such problems arise to discuss potential alternatives for delayed payment.

90 is the critical number

If you're a week or several weeks behind on your mortgage loan payments, you may be able to rectify the problem by letting your lender know when you'll be sending a payment. If your payments are 90 days late or beyond, however, you lender may begin the foreclosure process. It's not as if you will have a house one day and lose it the next without any notice though.

In fact, your lender must send written notice that you are behind in payments. Your lender must also notify you if the plan is to file a Notice of Default. From the time you receive a Notice of Default, you typically have 90 more days before the actual foreclosure process begins.

Avoiding foreclosure

Some people sell their Wisconsin homes to avoid foreclosure. This typically happens through a short sale process. Others are able to get lenders to agree to alternate payment plans. If you're facing threat of foreclosure, you may also want to consider various types of bankruptcy as potential options that may help you keep your house while obtaining debt relief at the same time.

No Comments

Leave a comment
Comment Information
Email Us For A Response

Free Case Evaluation

* indicates required field

Miller & Miller Law, LLC
  • VISA
  • Master Cards
  • Discover
Milwaukee Office map Madison Office map Kenosha Office map

633 W Wisconsin Ave, Suite 500
Milwaukee, WI 53203

Phone: 414-312-6581
Fax: 414-277-1303
Milwaukee Office

2810 Crossroads Drive
Suite 4001
Madison, WI 53718

Phone: 608-260-7133
Madison Office

6123 Green Bay Road
Suite 210
Kenosha, WI 53142

Phone: 262-326-1669
Kenosha Office

Appleton Office
4321 W. College Ave.
Suite 200
Appleton, WI 54914

Phone: 920-280-3838
Appleton Office

Brookfield Office
200 S. Executive Drive
Suite 101
Brookfield, WI 53005

Phone: 262-261-0665
Brookfield Office

Glendale Office
6333 N. Green Bay Avenue
Glendale, WI 53209

Phone: 414-973-8662
Glendale Office

Fax: 414-277-1303 - We also have offices in Appleton, Glendale and Brookfield to better serve you.