What happens to the balance of my loan after a foreclosure?

If you have a loan and your property is foreclosed upon in the state of Wisconsin, the balance of your loan may be affected in a few different ways. First, if the sale of the property does not cover the entire amount of your loan, you may be responsible for paying the shortfall. This is known as a deficiency judgment. Whether or not you are held responsible for the balance of the loan will depend on the terms of your loan agreement and the laws in your state, so it is important to read your loan documents carefully. Second, if the sale of the property does cover the entire amount of your loan, the lender will be paid in full. The lender will not be responsible for any of the balance of the loan, since the proceeds of the sale of the property have already been received. Finally, some states, such as Wisconsin, have foreclosure laws which allow lenders to “waive” the balance of a loan after the foreclosure. This means that the lender agrees to forgive any remaining balance the borrower owes them. No matter what happens to the balance of your loan after a foreclosure, it is important to know your rights and obligations under the law. It is highly recommended that you speak with an experienced lawyer about your individual situation for the most accurate advice.

Related FAQs

What is a foreclosure rescue scam?
Can I pay off a foreclosure in full?
What is a deed-in-lieu of foreclosure?
How can I stop a foreclosure sale?
What are the consequences of a foreclosure?
What is an accelerations clause?
What are the foreclosure timelines in my state?
How do I avoid foreclosure proceedings?
Can I still get a loan after a foreclosure?
What is a deficiency judgment?

What happens to the balance of my loan after a foreclosure?

Related FAQs

Related Blog Posts