Finance
Under Wisconsin law, the right of redemption after mortgage foreclosure is:
ANot available in Wisconsin
B12 months from the date of the foreclosure judgment✓ Correct
COnly available for commercial properties
D6 months from the sheriff's sale
Explanation
Wisconsin provides a 12-month redemption period after the foreclosure judgment during which the mortgagor may redeem the property by paying the full amount owed.
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Key Terms to Know
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.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
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.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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