Hello and thank you for allowing me the opportunity to assist you.
Question: “If I have to foreclose on it because of the economy will I have to pay the difference between what I owe and what the bank sells it for? Also how long before I have to move out once I foreclose?”
Answer: Unfortunately, Wisconsin law does allow a lender to sue a debtor for a deficiency judgment (i.e. the difference between what you owe and the market value of the house when it’s sold). The foreclosure process itself will take between 6 months and a year depending on whether the lender seeks a deficiency judgment against you (if it does, then it takes longer…if it doesn’t, then its faster). However, even if the house sells, theoretically you do not have to move until you are evicted (which could take another month or two). Therefore, you probably have to move between 7 and 14 months after allowing the house to be foreclosed upon.
Have I satisfactorily addressed your concerns? If not, then please feel free to ask for clarification.
DISCLAIMER: Please understand that the complexities of most legal problems cannot be adequately addressed in this setting, and that I am only licensed to practice law in the state of Maryland. Accordingly, you acknowledge (1) that we have not formed an attorney-client relationship, and (2) that my post is general information only and not specific legal advice.