Foreclosures: Forced Sales
Posted Monday, December 7, 2015
In a case just this year, the Wisconsin Supreme Court ruled that a circuit court may step in and force a lender to sell a foreclosed property. Bank of New York Mellon v. Carson held that if a court determines that a foreclosed property is abandoned, Wisconsin statutes authorize the circuit court to order a lender to bring the mortgaged property to sale after the redemption period. Although the intent of the ruling is to discourage lenders from allowing a property to deteriorate over time, it drastically reduces a lender's flexibility and control in determining when to sell a property.
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