Wisconsin Counties

State Auction Process of Wyoming

Wisconsin is a tax deed state. This means that if a property owner fails to pay their property taxes, the county treasurer may sell the property at a public auction. The highest bidder at the auction will become the owner of the property, free and clear of any liens or encumbrances.

Wisconsin holds its tax deed sales all year. The county’s starting bid includes all back taxes, administrative costs, fees, interests, and penalties. Wisconsin uses the premium bid method

Tax Deed Process

1.Tax Deed Process: Wisconsin sells the property itself when taxes go unpaid. However, the state handles its tax sale process differently. They make every reasonable effort to sell properties at their fair market value.

2.Auctions and Online Listings: Properties may be sold at auction with a high opening bid or listed on the county’s website. Some counties even make repairs and pay Realtor commissions for properties being sold on the open market.

3.Return on Investment: Investing in Wisconsin tax sales may not offer as high a return compared to other states. Finding deals may require research, patience, and creative thinking.

4.Bidding Process: To participate, you may need to submit your bid, along with a deposit and additional information. The county or city holds a hearing to determine if the bid is accepted. They have the discretion to reject bids for any reason.

5.County Treasurer Contact: It’s advisable to contact the county treasurer for more information on available property lists and the specific tax sale process.

6.Every county has a bid form available on the county treasurer’s website that must be filled out to register for the auction.

7.All auctions are held offline, in person.

Foreclosure in Wisconsin

In Wisconsin, lenders may foreclose on deeds of trust or mortgages in default using either a judicial or non-judicial foreclosure process.

Judicial Foreclosure

The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, the property will be auctioned off to the highest bidder. However, in Wisconsin, no sale may be made for one year from the date the judgment is entered unless the lender waives the right to a deficiency, in which case the delay is six months, or two months if the property is abandoned. Sales by consent may occur earlier.

Non-Judicial Foreclosure

The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A “power of sale” clause is the clause in a deed of trust or mortgage in which the borrower pre-authorizes the sale of the property to pay off the balance on a loan in the event of a default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the “Power of Sale Foreclosure Guidelines”.

Power of Sale Foreclosure Guidelines

If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows:

1. The foreclosure notice must be recorded with the county prior to the time the first notice of foreclosure is published. The notice, which must include the time and place of sale, must be published once a week for six consecutive weeks in a newspaper in the county where the property is located.

The notice must be served upon the borrower in the same manner that civil process in a lawsuit is served. In instances where the borrower can’t be found, then the notice shall be posted in a conspicuous spot on the mortgaged premises and served on any occupant.

Said notice must specify the names of the borrower and lender, the date the mortgage was recorded, the amount due at the date of the notice, a property description and the time and place of sale.

2. The sale must be held at the time and place stated in the foreclosure notice. The winning bidder will receive a certificate of purchase. If necessary, the sale may be postponed.

3. Unless the foreclosure sale has been confirmed by court order, the borrower has one year (12 months) to redeem the property by paying the amount of the highest bid at the foreclosure sale, plus interest.

Wisconsin law allows a foreclosure sale to be confirmed by court order. If the lender states their intentions in the application for sales confirmation, then they may file a deficiency suit. Otherwise, deficiency suits are not allowed.

Quick Facts

– Judicial Foreclosure Available: Yes
– Non-Judicial Foreclosure Available: Yes
– Primary Security Instruments: Deed of Trust, Mortgage
– Timeline: Typically 90 days
– Right of Redemption: Yes
– Deficiency Judgments Allowed: Yes