Wisconsin Servicing Reference Guide
- Kacey Olson
| Citation | Topic | Requirement |
| Residential Mortgage Loans / Wis. Stat. Ann. §138.052(5)(b) | Agreement to Waive Payment of Interest on Escrow Funds | The parties may agree to waive payment of all or part of the interest required on escrowed funds if more than 75% of the lender's interest in the loan is sold to a third party who is not a person related to the lender and the escrow funds are held by the third party. |
| Consumer Transactions - Insurance / Wis. Stat. Ann. §424.304(1) | Borrower's Right to Cancel Insurance | Following the sale of any insurance product, the borrower has the right to cancel the insurance until 30 days after the policy is mailed or otherwise delivered to the borrower. The lender must provide the borrower a notice in duplicate. |
| Wis. Stat. Ann. §846.35(3) | Execution of Writ of Assistance or Restitution | No writ of assistance or writ of restitution for the removal of a tenant whose tenancy is terminated as a result of a foreclosure judgment and sale may be executed before the end of the second month beginning after the month in which the sale of the property is confirmed, unless the tenant has waived in writing the right to retain possession of the rental unit. |
| Wis. Stat. Ann §138.052(6) | Late Payment Fees | The parties may agree to imposition of a late payment charge not exceeding 5 percent of the unpaid amount of any installment not paid on or before the 15th day after its due date. For purposes of this subsection, payments are applied first to current installments and then to delinquent installments. A delinquency charge may be imposed only once on any installment. |
| Notice of Sale of Realty; Manner; Adjournment / Wis. Stat. Ann. §815.31 | Notice of Sale-Judicial | A Notice of Sale must be provided prior to a foreclosure sale. The Notice of Sale must include the time and place of the sale. The Notice of the Sale must be published each week for 3 successive weeks prior to the date of the sale. The Notice of Sale must be published in a newspaper of the county where the property is located prior to the date of sale. In addition, at least 3 weeks prior to the sale, the Notice of Sale must publicly advertised by placing a written notice in 1 public place in the town or municipality where the real estate is to be sold and, if the county where the property is to be sold maintains a web site, by posting a notice on the web site. If the real estate is not in the town or municipality where the sale is to be held, then the Notice of Sale must also be posted in 1 public place in the town or municipality in which the real estate is situated and, if the county where the property is to be sold maintains a web site, by posting a notice on the web site. If the town or municipality where the property is situated or is to be sold maintains a web site, the municipality may also post a notice on its web site. |
| Wis. Stat. Ann. §846.35(1) | Notices for Tenants in Foreclosure Actions | If residential rental property is the subject of a foreclosure action, the plaintiff must provide the following notices at the following times to the tenants who are in possession of each rental unit when a notice is given: (1)no later than 5 days after the foreclosure action is filed, notice that the plaintiff has commenced a foreclosure action with respect to the rental property; (2)no later than 5 days after the judgment of foreclosure is entered, notice that the plaintiff has been granted a judgment of foreclosure with respect to the rental property and notice of the date on which the redemption period ends; and (3)when the confirmation of sale hearing has been scheduled, notice of the date and time of the hearing. The above notice may be given by personal service as provided in Wis. Stat. Ann.  §801.11(1) or by certified mail with return receipt requested. A notice provided by mail is considered completed when it is mailed, unless the envelope enclosing the notice is returned unopened to the plaintiff. |
| Mortgages and Land Contracts / Wis. Stat. Ann. §708.15(5)(a) | Satisfaction of Mortgage | A secured creditor must submit for recording a satisfaction of a security instrument within 30 days after the secured creditor receives full payment or performance of the secured obligation or payment as provided in a payoff statement or a corrected payoff statement, whichever is applicable. |