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What is Foreclosure?

Foreclosure is a legal process by which a lender takes ownership of the mortgaged property (for example, a home) and sells it to pay a defaulting borrower’s debt.

  • The process of foreclosure in Wisconsin can take over 6 months but each case can vary. View this Foreclosure Timeline for Wisconsin Homes assembled by Legal Action of Wisconsin for a better understanding of the time involved.
  • Foreclosure can be devastating to your finances and your credit, and can make it more difficult and more expensive to borrow in the future. Be sure you recognize signs that you may in trouble and take action immediately. 
  • A non-profit housing Counselor can help you understand the foreclosure process and determine what next steps are right for you.

Property Tax Foreclosure

Have you fallen behind on your property taxes? Are you looking for assistance? In Wisconsin, it is especially concerning if you begin to enter your second year of property tax delinquency. Failing to resolve these delinquent taxes could result in you losing your home. For assistance in developing a plan to help you resolve property tax delinquency issues, please contact Take Root Milwaukee members, Housing Resource Inc. at 414-461-6330, and GreenPath Financial Wellness at 1-877-290-6974.

Property taxes are not the same as other debt. The City of Milwaukee cannot negotiate the tax amounts owed or waive interest or penalty charges and due dates are non-negotiable.
Learn more about Property Tax foreclosure and how to prevent it >>

© 2010 Take Root Milwaukee. Take Root is a service mark of Freddie Mac.

The consumer information on TakeRootMilwaukee.org is used with permission from Freddie Mac. Freddie Mac offers extensive, regularly updated consumer information about buying and owning a home on its website, www.FreddieMac.com, in the “About Homeownership” section. Freddie Mac is not responsible for content errors or omissions on TakeRootMilwaukee.org.

The funding source of this activity is the Milwaukee Homeownership Consortium and Freddie Mac.