Follow My Wisconsin Deficiency
If you have two homes with the same mortgage company and one goes into forclosure located in Wisconsin and one stays current in Illinois will the mortgage company go after the house that is current? Or what will the effects be? Thanks in advance,
Rob
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Hello Rob,
Wisconsin permits a deficiency judgment if pled in the foreclosure action. Section 846.04(1) states (in part): “The plaintiff may, in the complaint, demand judgment for any deficiency that may remain due the plaintiff after sale of the mortgaged premises against every party who is personally liable for the debt secured by the mortgage.”
A judgment may be exported from one state to another.
Remember the game: paper, scissors, rock? All in all, short sale trumps foreclosure.
Thanks for the questions and hope this helps.
Paul
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