Foreclosure has two purposes – pay the debt out of the security and restore the title to the land.
It is always possible that when real estate has been encumbered by mortgages or deeds of trust, taxes, condominium liens and other statutory liens, post-mortgage transfers of ownership of the real estate may anticipate, follow or coincide with foreclosure proceedings. Foreclosure is a remedy that, when brought to completion, entails an involuntary divestiture of the title and, depending upon the facts and circumstances of the case, one that may conceivably become contested during or after the foreclosure’s transfer instrument. This white paper reviews the two main purposes of foreclosure and discusses lien priority, short sales, and what happens when bankruptcy coincides.
Duane H. Wunsch
Fidelity National Title Group, Inc.
- Wisconsin State Counsel for Fidelity National Title Group
- Over 30 years of experience, including searching and examining titles, closing transactions, and handling title insurance claims
- Member of the State Bar of Wisconsin and the Milwaukee Bar Association
- Past president of the Wisconsin Land Title Association
- J.D. degree, Emory University; B.A degree, University of Wisconsin-Madison
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