Question on Foreclosure Papers

[snypergotya]

State - house in Wisconsin, living in Iowa

The summons and Compaint papers have been issued and I had a few questions about some of the things they can do. In the Complaint it reads as follows in one section

The mortgagors expressly agreed to the reduced redemption period provisions contained in Chapter 846 of the Wisconsin Statutes; the plaintiff hereby elects to proceed under Section 846.101 with a six month period of redemption, thereby waiving judgment for any deficiency against every party who is personally liable for the debt, and to consent that the owner, unless he or she abandons the property, may remain in the possession and be entitled to all rents and profits therefrom to the date of confirmation of the sale by the court.

From this I get that they can not come after me for the difference between what they sell the house for and what the current balance is.

The next part confuses me as to what they can fully come after me for. It reads as follows.

No proceedings have been had at law or otherwise for the recovery of the sums secured by said note and mortgage except for the present action, and all condidtions precedent to the commencement of this action are satisfied.

WHEREFORE, the plaintiff demands:
1. Judgment of foreclosure and sale of the mortgaged premises in accordance with the provisions of Section 846.101 of the Wisconsin Satutes.
2. That the amounts due the plaintiff from the mortgagor defendants for principal, interest, taxes, insurance, costs of suit and attorney fees be determined.

Thats the part that makes me wonder if they can still come after me for the fees and court costs. Is it possible with what is written there?

Any help would be greatly appreciated.

Thanks in advance
Tim

[seniorjudge]

Originally Posted by snypergotya

State - house in Wisconsin, living in Iowa

The summons and Compaint papers have been issued and I had a few questions about some of the things they can do. In the Complaint it reads as follows in one section

The mortgagors expressly agreed to the reduced redemption period provisions contained in Chapter 846 of the Wisconsin Statutes; the plaintiff hereby elects to proceed under Section 846.101 with a six month period of redemption, thereby waiving judgment for any deficiency against every party who is personally liable for the debt, and to consent that the owner, unless he or she abandons the property, may remain in the possession and be entitled to all rents and profits therefrom to the date of confirmation of the sale by the court.

From this I get that they can not come after me for the difference between what they sell the house for and what the current balance is.

The next part confuses me as to what they can fully come after me for. It reads as follows.

No proceedings have been had at law or otherwise for the recovery of the sums secured by said note and mortgage except for the present action, and all condidtions precedent to the commencement of this action are satisfied.

WHEREFORE, the plaintiff demands:
1. Judgment of foreclosure and sale of the mortgaged premises in accordance with the provisions of Section 846.101 of the Wisconsin Satutes.
2. That the amounts due the plaintiff from the mortgagor defendants for principal, interest, taxes, insurance, costs of suit and attorney fees be determined.

Thats the part that makes me wonder if they can still come after me for the fees and court costs. Is it possible with what is written there?

Any help would be greatly appreciated.

Thanks in advance
Tim

Q: Thats the part that makes me wonder if they can still come after me for the fees and court costs. Is it possible with what is written there?

A: Yes; fees and court costs are not part of the deficiency. The deficiency is the loss on what they sell the place for. E.g., if you owe $100K and they sell it for $80K, the deficiency is $20K. But that has nothing to do with fees and court costs.