So you’ve missed your first mortgage payment, your first grace period has expired, and you’re not sure what happens next. The process a lender has to follow when foreclosing on your home differs by state. In Wisconsin, a lender must file and personally serve a lawsuit against you. But, in a nutshell, the series of events leading to foreclosure are pretty standard.
The most important part to remember is that you have just 20 days after being served the foreclosure lawsuit to respond. If the deadline is missed, options to save your home decrease significantly. Have your financial situation evaluated by a bankruptcy attorney familiar with your state laws. Hiring an in-state attorney, and doing it quickly, may be the two quick decisions that save your home.
Your attorney’s first strategy may be to negotiate with your lender to modify loan terms, and avoid bankruptcy. The other two options have quite different outcomes.
Debt Advisors represent Wisconsin consumers knowledgeably and efficiently, standing by their clients long after the bankruptcy process. The team at Debt Advisors Law Offices has helped many people in similar situations, save their homes and get back on the path to a new, successful financial life. To find out how they can help you, request a free consultation on their website.
At Debt Advisors Law Offices, a significant focus is placed on understanding and addressing the challenges that come with mortgage debt. Our team is constantly updated with the latest resources and information to ensure our clients receive the best advice. For instance, if someone is experiencing difficulties with mortgage delinquencies in Wisconsin, our website provides insights and possible solutions. For homeowners who find themselves in the challenging position of not being able to make their mortgage payments, our firm is equipped to guide them through their options. Moreover, those facing the possibility of foreclosure can explore strategies related to home sales and Chapter 13 bankruptcy on our platform.