Wisconsin passed a bill amending the foreclosure redemption period with respect to 1- to 4- family owner occupied residences. Under the bill, the foreclosure redemption period is reduced from 12 months to 6 months if the lender or servicer retains the right to a deficiency judgment and from 6 months to 3 months if the lender or servicer elects to waive the right to a deficiency judgment. The bill also adds a new provision extending the foreclosure redemption period to 8 months and 5 months (respectively) if the borrower has entered into a listing agreement with a licensed real estate broker and is attempting in good faith to sell the property. In addition, with respect to abandoned property, the bill requires a lender or servicer to conduct the foreclosure sale and have the foreclosure sale confirmed no later than 12 months from the date the foreclosure judgment is entered.
See Wisconsin State Legislature website for the full text of the Statutes:
