How to Stop a Home Foreclosure for a Foreclosed Home in Wisconsin
- 1). Call your lender and ask about any foreclosure alternatives. They may be able to help you refinance your home, set up a payment plan for the missed payments or renegotiate the terms of the loan to avoid foreclosure.
- 2). Contact a Department of Housing and Urban Development counselor. These professionals will help you explore Federal Housing Administration programs offered to all homeowners facing an imminent foreclosure.
- 3). File for Chapter 13 bankruptcy. Chapter 13 bankruptcy will stop a Wisconsin foreclosure, and you can then roll the mortgage into your repayment plan.
- 4). File Chapter 7 bankruptcy if you meet the means test. Wisconsin's generous $40,000 homestead exemption may allow you to keep your home as an exempt asset. If you discharge your other debts, you may free up enough funds to bring your loan current.
- 5). Redeem the property after the foreclosure sale, provided it has not been confirmed by court order. Wisconsin's redemption period is 12 months after the sale. To redeem your home, you must pay the amount of the highest bid it received at the sale, plus interest.
- 6). Sell the property in a short sale, if your lender allows. You won't keep your home, but you'll avoid the embarrassment and hassle of foreclosure.
Source...