Instead of wondering, “Can you get your house in Wisconsin back after foreclosure?” Here’s another option…
The good news is, if you’re not in foreclosure yet, you have options.
The first and best option is to pay off your mortgage or work out a payment plan with your lender. They’ll prefer to keep you in your house and collect the money owed to them.
If you aren’t able to pay off your mortgage or workout a payment plan with your lender, there’s another option. Most homeowners facing foreclosure choose to sell their home before the home is foreclosed on and pay off the lender in full.
While we know this seems to be the same thing as letting the lender take back the house (because you’ll still have to give up your house). It’s still a preferable option to foreclosure. By selling your house, you’ll be able to clear up your debt to the bank and it won’t affect your credit score. Unlike if you let your house get taken back by the bank. There will be a long-term impact to your credit score, making it difficult to take out loans in the future.
This option is proactive and long-term, which is why homeowners facing foreclosure benefit: it’s proactive because you’re taking control of your financial situation; it’s long-term because you’re accepting the short-term discomfort of selling your home in exchange for the long-term benefit of a better credit rating. Losing your home at the beginning will be difficult, but trying to recover with even worse credit will be even harder.