234.605 Homeowner eviction and lien protection program.

384 words·~2 min read·/wi/chapter-234/234-605-2

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)In this section:

(a)“Eligible property” has the meaning given in s. 234.59

(d)1.

(b)“Lender” means any banking institution, savings bank, savings and loan association, or credit union organized under the laws of this or any other state or of the United States having an office in this state.

(c)“Mortgage loan” means a loan secured by a first lien real estate mortgage on the eligible property of an applicant.

(2)Subject to the approval of all members of the authority, the authority may establish and administer a homeowner eviction and lien protection program to encourage the refinancing of mortgage loans by lenders in order to facilitate the retention of eligible property by persons and families.

(a)Except as provided in par.

(b), to implement the program, the authority may enter into agreements with lenders regarding the refinancing of a mortgage loan and may make or participate in the making and enter into commitments for the making of loans to refinance a mortgage loan if the authority first determines all of the following:

1. The applicant has made a reasonable effort to refinance the mortgage loan with the existing lender or loan servicer or with an organization approved by the authority, but the applicant has been unsuccessful in his or her effort. The authority shall designate and maintain a current list of organizations approved under this subdivision.

2. The lender will not refinance the mortgage loan in the absence of an agreement with the authority.

(b)The authority may not enter into an agreement with a lender under this section if the applicant’s name appears on the statewide support lien docket under s. 49.854

(b), unless the applicant provides to the authority a payment agreement that has been approved by the county child support agency under s. 59.53

(5)and that is consistent with rules promulgated under s. 49.858

(a).

(4)The authority shall submit a quarterly report to the joint committee on finance. The report shall summarize the progress and performance of the program established under this section. The cochairpersons of the joint committee on finance may convene a meeting of the committee at any time to review or dissolve the program established under this section.