Deed of Trust (Mortgage Alternative)

DEED OF TRUST

(Mortgage Equivalent - Wisconsin)

State of Wisconsin

WHEN RECORDED RETURN TO:
[NAME]
[ADDRESS]
[CITY, STATE ZIP]

Date: [DATE]
Document Number: _________________ (Register of Deeds' Use)
Property Address: [PROPERTY ADDRESS, CITY, WI ZIP]
Parcel ID: [PARCEL ID]

IMPORTANT NOTICE - JUDICIAL FORECLOSURE STATE

WISCONSIN IS A JUDICIAL FORECLOSURE STATE. All foreclosures must proceed through the courts. Non-judicial foreclosure is not permitted. The redemption period (time between judgment and sale) varies from 5 weeks to 12 months depending on the mortgage date, whether deficiency is waived, and property abandonment status.

DEED OF TRUST

THIS DEED OF TRUST is made this [DAY] day of [MONTH], [YEAR], by and among:

GRANTOR (Borrower):
[GRANTOR NAME(S)]
[ADDRESS]
[CITY, STATE ZIP]

TRUSTEE:
[TRUSTEE NAME]
[ADDRESS]
[CITY, STATE ZIP]

BENEFICIARY (Lender):
[BENEFICIARY/LENDER NAME]
[ADDRESS]
[CITY, STATE ZIP]

RECITALS AND GRANT

WHEREAS, Grantor is indebted to Beneficiary in the principal sum of [PRINCIPAL AMOUNT] DOLLARS ($[AMOUNT]), as evidenced by a Promissory Note of even date herewith (the "Note");

NOW, THEREFORE, Grantor does hereby grant, bargain, sell, and convey unto Trustee, in trust, the following described real property situated in [COUNTY] County, Wisconsin:

SEE EXHIBIT A ATTACHED HERETO AND INCORPORATED HEREIN BY REFERENCE

Property Address: [PROPERTY ADDRESS], [CITY], Wisconsin [ZIP CODE]

TOGETHER WITH all buildings, improvements, and fixtures now or hereafter placed thereon; all easements, rights, appurtenances, rents, royalties, and profits.

ARTICLE I - OBLIGATIONS SECURED

This Deed of Trust secures to Beneficiary:
(a) The repayment of the debt evidenced by the Note, with interest, and all renewals, extensions, and modifications;
(b) The payment of all other sums, with interest, advanced under this Deed of Trust;
(c) The performance of Grantor's covenants and agreements under this Deed of Trust and the Note.

ARTICLE II - COVENANTS OF GRANTOR

Grantor covenants and agrees as follows:

2.1 Payment. Grantor shall pay when due the principal and interest on the debt evidenced by the Note and all other sums secured hereby.

2.2 Insurance. Grantor shall keep the improvements insured against loss by fire and other hazards, with Beneficiary named as loss payee.

2.3 Taxes and Assessments. Grantor shall pay before delinquency all taxes, assessments, and charges against the Trust Property.

2.4 Maintenance. Grantor shall maintain the Trust Property in good condition and repair and shall not commit or permit waste.

2.5 Defense of Title. Grantor shall defend title against all claims.

2.6 Compliance with Laws. Grantor shall comply with all laws, ordinances, and regulations affecting the Trust Property.

ARTICLE III - DEFAULT AND FORECLOSURE

3.1 Events of Default. The following shall constitute Events of Default:
(a) Failure to make any payment when due under the Note or this Deed of Trust;
(b) Breach of any covenant or agreement herein;
(c) Material misrepresentation by Grantor;
(d) Transfer of the Trust Property without Beneficiary's prior written consent;
(e) Bankruptcy or insolvency of Grantor.

3.2 Judicial Foreclosure Required. Wisconsin requires judicial foreclosure for all mortgages and deeds of trust. Beneficiary must file a lawsuit in circuit court.

3.3 Federal Pre-Foreclosure Requirements. Federal law generally requires:
(a) The servicer to contact Grantor no later than 36 days after a missed payment;
(b) Information about loss mitigation options no later than 45 days after a missed payment; and
(c) Waiting until the loan is more than 120 days delinquent before filing foreclosure.

3.4 Filing and Service. Beneficiary initiates foreclosure by filing a lawsuit and serving Grantor with a summons and complaint. Grantor generally has twenty (20) days to file an answer.

3.5 Mediation. The Wisconsin Foreclosure Mediation Network offers foreclosure mediation in participating areas. Some counties offer their own mediation programs. The bank typically attaches a notice of availability of mediation to the complaint.

REDEMPTION PERIOD (Wis. Stat. § 846.10)

3.6 Redemption Period - Mortgages Executed Before April 27, 2016.
(a) Twelve (12) months after the court enters a judgment to foreclose; or
(b) Six (6) months if the lender waives its right to a deficiency judgment.

3.7 Redemption Period - Mortgages Executed On or After April 27, 2016.
(a) Six (6) months after the court enters a judgment to foreclose;
(b) Grantor may ask the court to extend the redemption period to eight (8) months if attempting in good faith to sell the premises and has a listing agreement with a licensed real estate broker;
(c) Three (3) months if the lender waives its right to a deficiency judgment.

3.8 Abandoned Property. For abandoned properties, the redemption period is five (5) weeks.

3.9 Reinstatement. Under Wisconsin law, Grantor can reinstate the loan at any time before judgment. Reinstatement is also permitted after judgment but before the sale. If Grantor defaults again after reinstatement, the foreclosure may continue.

3.10 Notice of Sale. A notice of sale must be:
(a) Published in a newspaper once a week for three (3) weeks;
(b) Advertised in a public place; and
(c) Posted on the county website (if applicable) at least three (3) weeks before the foreclosure sale date.

3.11 Foreclosure Sale. The sale shall be conducted at public auction following the redemption period.

3.12 Deficiency Judgment. Wisconsin permits deficiency judgments. However, because waiving the right to a deficiency judgment shortens the redemption period, lenders often choose not to seek deficiency judgments.

3.13 Court's Equitable Authority. The trial court's authority in a foreclosure action is equitable in nature and not limited to that expressly granted by statute. The court's discretion extends even after confirmation of sale.

ARTICLE IV - RELEASE

4.1 Satisfaction. Upon payment of all sums secured hereby, Beneficiary shall execute a Satisfaction of Mortgage suitable for recording.

4.2 Recording. The satisfaction shall be recorded with the Register of Deeds in the county where the Trust Property is located.

ARTICLE V - RECORDING REQUIREMENTS

5.1 Recording. This Deed of Trust shall be recorded with the Register of Deeds of [COUNTY] County, Wisconsin.

5.2 Recording Fees. Wisconsin recording fees shall be paid upon recording.

5.3 Real Estate Transfer Fee. Wisconsin Real Estate Transfer Fee shall be paid upon recording if applicable.

ARTICLE VI - MISCELLANEOUS PROVISIONS

6.1 Governing Law. This Deed of Trust shall be governed by Wisconsin law.

6.2 Successors and Assigns. This Deed of Trust binds and benefits the heirs, executors, administrators, successors, and assigns of the parties.

6.3 Severability. If any provision is held invalid, all other provisions remain in full force.

6.4 Notices. All notices shall be in writing and sent to the addresses set forth above.

6.5 Entire Agreement. This Deed of Trust and the Note constitute the entire agreement of the parties.

ARTICLE VII - RIDERS AND ADDENDA

The following riders are attached hereto and incorporated herein:

☐ Adjustable Rate Rider
☐ Condominium Rider
☐ Planned Unit Development Rider
☐ Second Home Rider
☐ 1-4 Family Rider
☐ Other: [SPECIFY]

SIGNATURE PAGE

IN WITNESS WHEREOF, Grantor has executed this Deed of Trust as of the date first written above.

GRANTOR(S):

_______________________________
[GRANTOR NAME]
Date: _________________________

_______________________________
[GRANTOR NAME]
Date: _________________________

ACKNOWLEDGMENT

STATE OF WISCONSIN
COUNTY OF [COUNTY]

Personally came before me this _____ day of ______________, 20___, the above-named [GRANTOR NAME(S)], to me known to be the person(s) who executed the foregoing instrument and acknowledged the same.

_______________________________
Notary Public, State of Wisconsin
My Commission Expires: ___________

[NOTARY SEAL]

EXHIBIT A

LEGAL DESCRIPTION

The land referred to herein is situated in [COUNTY] County, State of Wisconsin, and is described as follows:

[INSERT COMPLETE LEGAL DESCRIPTION]

Parcel ID: [NUMBER]

This document prepared by:
[PREPARER NAME]
[ADDRESS]
[PHONE]
[EMAIL]