During a Wisconsin foreclosure proceeding, the circuit court enters a judgment of foreclosure on February 1. The lender has NOT waived the right to a deficiency judgment and the property is NOT abandoned. The sheriff's sale is scheduled. A junior lienholder wants to know the last possible date on which the borrower could redeem the property. Under Wisconsin law, when does the redemption period expire?
Correct Answer
B) 6 months after February 1 (the judgment date), which is August 1
Under Wisconsin Statutes Chapter 846, the standard 6-month redemption period runs from the date the judgment of foreclosure is entered by the circuit court — not from the date of the sheriff's sale, not from the filing of the complaint. Since the judgment was entered on February 1, the redemption period expires on August 1 (6 months later). The sheriff's sale is typically scheduled to occur after the redemption period has expired.
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Related Concepts
Predatory lending refers to unfair, deceptive, or abusive lending practices that impose unjustified terms on borrowers, often targeting vulnerable populations. It includes practices like excessive fees, inflated appraisals, and unnecessary refinancing.
RESPA is a federal law that requires lenders to provide borrowers with information about settlement costs, prohibits kickbacks and referral fees, and limits escrow account deposits. It applies to federally related mortgage loans.
The secondary mortgage market is where existing mortgage loans are bought and sold between lenders, investors, and government-sponsored enterprises (GSEs) like Fannie Mae, Freddie Mac, and Ginnie Mae.
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