If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows:
- The foreclosure notice must be recorded with the county prior to the time the first notice of foreclosure is published. The notice, which must include the time and place of sale, must be published once a week for six consecutive weeks in a newspaper in the county where the property is located.
The notice must be served upon the borrower in the same manner the civil process in a lawsuit is served. In instances where the borrower can't be found, then the notice shall be posted in a conspicuous spot on the mortgaged premises and served on any occupant.
Said notice must specify the names of the borrower and lender, the date the mortgage was recorded, the amount due at the date of the notice, a property description and the time and place of sale.
- The sale must be held at the time and place stated in the foreclosure notice. The winning bidder will receive a certificate of purchase. If necessary, the sale may be postponed.
- Unless the foreclosure sale has been confirmed by court order, the borrower has one year — 12 months — to redeem the property by paying the amount of the highest bid at the foreclosure sale, plus interest.
Wisconsin law allows a foreclosure sale to be confirmed by court order. If the lender states their intentions in the application for sales confirmation, then they may file a deficiency suit. Otherwise, deficiency suits are not allowed.