Finance
Under Wisconsin law, a foreclosed homeowner who redeems their property during the redemption period must pay:
AOnly the unpaid principal balance
BThe full judgment amount including principal, interest, fees, and costs✓ Correct
COnly past-due payments
DA reduced amount set by the court
Explanation
To redeem a foreclosed property, the homeowner must pay the full judgment amount, including outstanding principal, accrued interest, attorney's fees, and other approved costs.
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Key Terms to Know
Amortization
The gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
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