What is the statute of limitations on foreclosure?

In Wisconsin, the statute of limitations on foreclosure is generally six years. This means that in most cases, a mortgage lender or servicer has up to six years to file a foreclosure proceeding against a borrower who has failed to make mortgage payments. The lender or servicer must file the foreclosure action in the county where the property is located. Wisconsin law does not allow lenders or servicers to initiate a foreclosure proceeding outside of the six-year statute of limitations. However, they may still pursue other remedies, such as a deficiency judgment, to recover any unpaid debt after that time has expired. A deficiency judgment is a court ruling that specifies the amount of money a borrower still owes a lender on a loan. It is important to note that the six-year statute of limitations does not always apply to foreclosure proceedings in Wisconsin. Some Wisconsin lenders may choose to abide by the shorter statute of limitations that applies to written contracts, which is three years. Additionally, foreclosure proceedings initiated under a homeowners association’s power of sale authority may be subject to a different statute of limitations. In any case, if a foreclosure proceeding is initiated after the statute of limitations has expired, it will be dismissed by the court and the lender or servicer will not be able to recover the debt. Therefore, it is important to understand the statute of limitations that applies to your particular situation.

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What is the statute of limitations on foreclosure?

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