Turning Promises into Payment

When someone is borrowing money from you, life is rosy. In most cases, the borrower has every intention of paying you back and is certain of their ability to do so. However, human beings often make poor choices without thinking about the consequences; particularly the consequences to the person from whom they borrowed the money.

If you haven’t been paid and you have a mortgage on the borrower’s property, it can be powerful leverage to begin foreclosure proceedings. Often times, the mere commencement of the foreclosure suddenly makes paying you a priority.

How Epiphany Law Can Help

Epiphany Law attorneys are experts at getting “blood out of a turnip,” particularly if the lender has a mortgage securing the promise to pay. While the legal system is certainly not quick, Epiphany Law knows how to expedite the process to the greatest extent possible.

If you are owed money and have run out of patience, call Epiphany Law. We’ll help ensure you get paid by aggressively advancing your rights to the greatest extent legally possible.

Questions & Answers

Q: What notices do I need to provide before starting foreclosure? 
A: That depends on what is required under your note or agreement with the borrower. Usually, the only requirement is a Notice of Default informing the borrower that they have a certain number of days to cure the default or face foreclosure.

Q: How long does it take to foreclose? 
A: It depends upon a number of factors. First, is it a mortgage or a land contract that you are attempting to foreclose? Secondly, do you simply want the property or will there be a deficiency that you also want to recover? Thirdly, has the property been abandoned or is someone living there? Is the property residential, investment or commercial? When foreclosing on a Land Contract without deficiency, the redemption period could be as short as 7 days. If foreclosing on someone’s homestead and seeking a deficiency, the redemption period will be 1 year.

Q: Can I foreclose on someone in the winter? 
A: Yes. This remains a common misconception. There is nothing in Wisconsin law that prohibits someone be foreclosed upon at any time of the year. If you were able to get our civil servants to work on Christmas Day, you could foreclose that day.