What is the Confirmation of Sale Hearing?

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The final step in a foreclosure process is the Confirmation of Sale hearing. This is usually scheduled as quickly as possible after the sheriff’s sale is conducted.

Take a moment for “Bits & Bytes,” as Attorney Deanne Koll explains the process of a Confirmation of Sale Hearing and how it affects the transfer of deed to the winning bidder at a foreclosure auction.

Attorney Deanne Koll

Deanne KollDeanne counsels lenders and businesses on collection issues and creditors’ rights in bankruptcy. Her creditor representation includes assisting clients with commercial and residential foreclosures, replevins, workout and forbearance agreements and defending against lender liability actions.

Deanne also regularly appears in federal bankruptcy court when representing creditors. Her bankruptcy work includes drafting reaffirmation agreements, pursuing adversary actions and general pre-litigation to protect creditors’ rights.

715.235.9016 x5266
815.927.0411 Fax
dkoll@bakkenorman.com

Amanda Nocchi, Paralegal, anocchi@bakkenorman.com

Disclaimer: This video is designed to be educational and informative, but it is not legal advice. Collection law is constantly evolving and subject to change. Each situation is unique, and each foreclosure should be addressed to fit the unique situation.

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What is the Wisconsin Consumer Act?

B&BTake a moment for “Bits & Bytes,” as Attorney Deanne Koll explains what the Wisconsin Consumer Act is and how it affects your lending practices.

Disclaimer: This video is designed to be educational and informative, but it is not legal advice. Collection law is constantly evolving and subject to change. Each situation is unique, and each case should be addressed to fit the unique situation.

The Wisconsin Consumer Act is a state law that regulates consumer credit transactions and consumer debt collection. Consumer credit transactions include transactions that either include a finance charge or are payable in more than four installments. An example of a consumer credit transaction covered by the Wisconsin Consumer Act would be a car loan or a second real estate mortgage.

Not all credit transactions, however, are covered by the Wisconsin Consumer Act. Transactions for more than $25,000, transactions that are secured by a first lien against real estate and transactions not involving consumer — in other words, business transactions — are not covered by the Wisconsin Consumer Act.

It is important for lenders to be aware of the Wisconsin Consumer Act, because it creates specific requirements for disclosures in credit contracts, limits interest charges and provides a time period for the consumer to cancel certain contracts.

These issues are usually clearly outlined in the credit transactions forms used by lenders. What is not so clearly outlined for lenders are the prohibitions and restrictions on collection activities when a consumer defaults.

For example, the Wisconsin Consumer Act outlines when a Notice of Right to Cure Default may be sent, it outlines a customer’s right to cure even after an action has commenced for collection, it outlines when fees and costs can be assessed against a defaulting customer and outlines how to obtain a deficiency judgment against a customer in a lawsuit.

A lender should be sure to comply with all of the rules and regulations in collection on credit transactions covered by the Wisconsin Consumer Act so as to avoid the strict penalties which can be assessed for violations. Some penalties include statutory damages, attorney’s fee shifting, as well as actual damages incurred.

 

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August 1 Deadline for Estate Recovery “Grandfathering”

Medical Assistance (MA) is a government program that pays certain expenses, including nursing home expenses, for individuals that fall below certain asset and income thresholds. The laws pertaining to MA change more often than other areas. Recently, in Wisconsin, those changes have expanded the state’s ability to seek reimbursement from a deceased person’s assets (or their spouse’s assets). The after-death reimbursement right is called “estate recovery”.

Prior to the recent change, estate recovery was largely limited to probate assets – assets that were titled in the deceased person’s name that require the probate court’s assistance to transfer to children or other heirs. Non-probate assets – such as those contained in revocable trusts or life insurance passing by beneficiary designation – were not available for estate recovery.

The recent changes allow the state to recover from non-probate assets. The changes also impose duties on the people handling the estates (or trust administrations) to properly notify the state and pay over any required funds. The changes have been controversial, in part because Wisconsin’s rules differ from (and, some attorneys argue, are contrary to) the federal law. It will take time, and likely court battles, before we will know for certain whether the laws will be upheld by the courts.

While we cannot change the law on the books, nor can we control the court battles, there is a limited opportunity under the law to be “grandfathered” under the former estate recovery rules. The State has issued an operations memo stating it will not seek estate recovery in certain circumstances for asset transfers or trusts created before August 1, 2014.

Keep in mind that estate recovery only comes into play: (1) if you were admitted to the nursing home; (2) if you asked the government to pay for your care through MA; (3) if you qualify for MA; and (4) if MA does, indeed, make payments on your behalf. You may have made other arrangements to pay for your long term care expenses (long term care insurance), you may have too many assets to qualify for MA, or you may never go to the nursing home at all. In addition, the laws could change again.

The operations memo is available here.