I own a home in Madison, Wisconsin. The house recently went into foreclosure, but I just got a very large bonus at work. My family really loves the place and we’d like to keep it. Do I have the right to get the house back after the foreclosure sale?
No, you can’t get the house back after the foreclosure is over and done with. However, under Wisconsin law you get a certain amount of time (called a “redemption period”) before the sale during which you can “redeem” the home by paying the amount of the foreclosure judgment plus certain other amounts. This will stop the foreclosure.
Wisconsin foreclosures are judicial, which means the lender must file a lawsuit in court to foreclose your home. Once the lender gets a judgment for foreclosure from the court, the redemption period starts (Wis. Stat. Ann. § 846.13). (To learn more about foreclosure laws and procedures in Wisconsin, visit Nolo’s Wisconsin Foreclosure Law Center.)
In Wisconsin, the length of the redemption period will be:
Once the redemption period expires, the sale takes place. There is no post-sale right of redemption.
To redeem the home, you must pay the court clerk or the foreclosing lender:
You have up until the court confirms the sale to pay the redemption amount. See Security State Bank v. Sechen, 2005 WI App 253,