We live in Wisconsin and have received a default judgement foreclosure, no dates have been set, we do nt contest and want to move forward with foreclosure, will we have to pay the difference from what we owe and what home sells for. The intal affidavit states we are not responsible to pay any diffiency
Country relating to Question: United States
State (if USA): Wisconsin
Thank you for using Just Answer. If you require clarification, please feel free to post a follow up question.You are asking if deficiency judgments permitted in Wisconsin.Yes, a deficiency judgment may be obtained when a property in foreclosure is sold at a public sale for less than the loan amount that the underlying mortgage secures. This means that the borrower still owes the lender for the difference between what the property sold for at auction and the amount of the original loan. The fair market value of the property must be credited before any deficiency judgment can be granted.However, if you have a loan which is non recourse or have negotiated a settlement with the lender, the deficiency judgement is off the table.
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