After a Wisconsin circuit court enters a judgment of foreclosure on David's Milwaukee property, the property is sold at a sheriff's sale. David wants to know how long he has to redeem the property by paying off the full judgment amount. Assuming the property is not abandoned and the lender has not waived the deficiency, what is the standard statutory redemption period in Wisconsin?
Correct Answer
B) 6 months after the judgment of foreclosure is entered
Under Wisconsin Statutes Chapter 846, the standard statutory redemption period is 6 months, and this period runs from the date the judgment of foreclosure is entered by the court — not from the date of the sheriff's sale. The sheriff's sale typically occurs after the redemption period expires, giving the borrower the opportunity to redeem before the sale takes place.
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Related Topics & Key Terms
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Related Concepts
A trustee sale is a type of foreclosure where a trustee, appointed under a deed of trust, sells the property at auction to satisfy the debt.
Usury is the practice of charging an interest rate that exceeds the maximum rate permitted by state law. Usury laws protect borrowers from excessive interest charges on loans.
A VA loan is a mortgage guaranteed by the Department of Veterans Affairs available to eligible veterans, active-duty service members, and surviving spouses. It offers no down payment and no private mortgage insurance requirements.
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