After missing about 3 to 6 months on your mortgage payment, you can expect your lender to initiate foreclosure procedures. The federal law requires that 120 days pass after the first missed payment before your lender can initiate foreclosure. Your lender will contact you during this pre-foreclosure period to discuss alternative solutions. Do your best to go through all notices sent to you and pick up calls from your lender’s representative. Provided you could not reach a conclusion with your lender during this period; your lender will initiate foreclosure.

In Wisconsin, foreclosure is usually processed judicially. Which implies that your lender has to file a lawsuit, and the court will determine whether or not they can proceed. The court will send you a summons to know your standing with the case; this will be your chance to tender any defenses you have against your lender to stop foreclosure. Ensure some of the relevant defenses in your reply to the court summon, and a hearing will be scheduled. However, if you fail to reply to the court summon in about 20 days, a final judgment of foreclosure will be passed, and your home will be sold.

Before a final judgment of foreclosure is passed, you can reinstate your loan by paying off all the missed payments and other incurred charges. However, you can reinstate after the judgment has been passed, but it’s usually more difficult at this point. Once your home is sold, you won’t redeem it. Stopping foreclosure is the best route to saving your home. Since the foreclosure process in Wisconsin is judicial, it can take a while before it is processed. Therefore, you should have enough time to negotiate with your lender about alternative solutions to stop foreclosure.

Contact your lawyer for legal advice on how to go about the situation.