David Leibowitz to Testify on Mortgage Foreclosure Reforms considered by Wisconsin State Assembly

27 Jan David Leibowitz to Testify on Mortgage Foreclosure Reforms considered by Wisconsin State Assembly

The Wisconsin State Assembly is holding two hearings on the mortgage foreclosure crisis in Wisconsin on February 11. David Leibowitz, of Lakelaw Kenoshais honored to have been asked by Representative Jason Fields(D. 11 Dist. Milwaukee) to testify at a hearing to be held by the Financial Institutions Committee. The Assembly is taking foreclosures seriously. That same day, another hearing is to be held by the State Assembly’s Housing Committee.

Homeowners in Wisconsin historically don’t have much of a chance in foreclosure court. Few attorneys in the state, and fewer judges, know that homeowners can defend against a mortgage foreclosure. Even worse, homeowners don’t know that when they get a foreclosure complaint, it’s urgent that they act right away.

Leibowitz will present the following ideas to level the playing field in Wisconsin foreclosure courts:

  • Homeowners should get urgent notices that failure to file a formal answer or motion within 20 days of receipt of the complaint will almost certainly result in losing the homeowner’s house in foreclosure
  • The Wisconsin Statutes should be amended to give more leniency to homeowners in foreclosure who realize they must appear in court beyond the initial 20 days after they receive their complaint
  • Wisconsin Courts should use mediation to assist homeowners and lenders enter into loan modification agreements to break the gridlock between homeowners who want to pay and servicers (mortgage companies) who want to foreclose.

We will report on all developments in the Wisconsin Legislature and keep Mortgage Law Network readers updated.

 

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