Legal Question in Real Estate Law in Wisconsin

When a home goes to auction and the bank owns it, does the bank have the right to take it back, after they accept the reserve amount?

Asked on 6/05/18, 3:29 pm

1 Answer from Attorneys

JAY Nixon nixon law offices

Yes; the first mortgage lender bank, winning the foreclosure auction, sale happens in about 99% of all foreclosures, and this makes the bank the owner, should they wish to accept title. They often postpone taking title these days, however, preferring to leave it in the name of the homeowner and forcing them into responsibility for utilities and building code violation until the property is finally resold. I'm not exactly sure what you mean be accepting the reserve, however.

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Answered on 6/08/18, 8:46 am

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