Under Wisconsin Statutes Chapter 846, which of the following statements accurately describes Wisconsin's judicial foreclosure process? All of the following are true EXCEPT:
Correct Answer
D) A lender may foreclose using a non-judicial power-of-sale process if that right is included in the mortgage instrument.
Option B is the false statement. Wisconsin is strictly a judicial foreclosure state under Chapter 846. There is NO non-judicial or power-of-sale foreclosure process available in Wisconsin, regardless of what language appears in the mortgage instrument. All foreclosures must proceed through the court system with a judge issuing a formal judgment of foreclosure. This distinguishes Wisconsin from deed-of-trust states that permit non-judicial foreclosure.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Discount points are upfront fees paid to a lender at closing to reduce (buy down) the interest rate on a mortgage loan. One point equals 1% of the loan amount and typically reduces the rate by approximately 0.25%.
An FHA loan is a mortgage insured by the Federal Housing Administration that allows lower down payments and credit scores than conventional loans. It is designed to help first-time homebuyers and borrowers with limited resources.
A fixed-rate mortgage has an interest rate that remains constant for the entire term of the loan, resulting in equal monthly principal and interest payments throughout the life of the mortgage.
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