Foreclosure Services
Does anybody know of a good Foreclosure listing service?I live in Milwaukee,Wisconsin
Does anybody know of a good Foreclosure listing service?I live in Milwaukee,Wisconsin
In Wisconsin they allow Judicial and Nonjudicial foreclosures.
Judicial Foreclosure - The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, the property will be auctioned off to the highest bidder. However, in Wisconsin, no sale may be made for one year from the date the judgment is entered unless the lender waives the right to a deficiency, in which case the delay is six months or two months if the property is abandoned. Sales by consent may be earlier.
You can locate by searching your court house for foreclosure related judgements.
NonJudicial Foreclosure - The nonjudicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower preauthorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines".
Power of Sale Foreclosure Guidelines
If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the nonjudicial power of sale foreclosure is carried out as follows:
The foreclosure notice must be recorded with the county prior to the time the first notice of foreclosure is published. The notice, which must include the time and place of sale, must be published once a week for six consecutive weeks in a newspaper in the county where the property is located.
You can research this type at the county record office.
I would also check http://www.thecreativeinvestor.com/Web_Links-index.html
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