For most people in the greater Milwaukee area, filing for bankruptcy is an admission of financial failure. This just simply isn't the case. While the circumstances which may have compelled a person to file bankruptcy are unpleasant, filing a bankruptcy petition under either Chapter 11 or Chapter 13 can have an important curative effect: saving real property from foreclosure.
Not every Elkhorn resident will decide that they want to own real property. Buying a home or a commercial space can take time as a buyer decides just what they want in their new property. They may plan a budget to determine what they can afford and research locations that may serve their personal or professional needs.
The acquisition of a parcel of land may be a major step for any Wisconsin resident looking to build their dream home or construct the facility that will house their business. Finding the perfect place where one can foresee a pleasant or profitable future may motivate them to pursue their real estate plans with vigor. However, despite their intentions and desires for developing their parcel into exactly what they want, a person may be stopped from fulfilling their dreams by rules that control how their land can be used.
A foreclosure is a serious legal process that involves the repossession of real estate from a buyer to a lender who has financed its purchase. Many Wisconsin residents may be familiar with the concept of foreclosure in the residential housing market as it is a significant tool that lenders use to take back properties that buyers cannot pay for under the terms of their mortgages. However, foreclosure is not limited to only the residential market, as it can affect commercial properties as well.
Whether you seek to buy or sell a home, purchase real estate for investment or desire to build a home or office, it is important to understand what goes into this process. Real estate transactions can be complex and the timeline from start to finish can be daunting. Thus, it is important to understand what is required in these matters, and what one can do to better protect themselves through the duration of the process.
Owning a home is a big deal for individuals in Wisconsin and elsewhere. Keeping that home is an even bigger deal. A home is a major purchase and one that individuals and couples do not take lightly. Unfortunately, financial problems could present themselves, making it challenging to keep up with a mortgage. This is when a homeowner could risk losing their home to foreclosure.