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#Douglas county wisconsin foreclosed full#
#Douglas county wisconsin foreclosed trial#

#Douglas county wisconsin foreclosed trial#

The Court of Appeals began its review of the trial court’s decision by identifying the respective rights that each party held. The Bank appealed the trial court’s order, asserting, in part, that Jakubow’s acceptance of the quitclaim deed from Lichosyt should have effectively terminated the strict foreclosure action, thereby preserving the judgment lien recorded against the Property. The trial court disagreed with the Bank and granted Jakubow’s motion for summary judgment, ordering that all interests of the Bank in the Property be foreclosed with title vesting in the name of Jakubow.The Bank also argued that Jakubow’s acceptance of a quitclaim deed from Lichosyt required dismissal of her strict foreclosure action. The Bank opposed the motion, arguing that the Bank itself had a right to redeem the Property since substantial equity existed in the land above that which was owed to Jakubow. Following execution of the stipulation and quitclaim deed, Jakubow moved for summary judgment in her strict foreclosure action.

#Douglas county wisconsin foreclosed full#

Lichosyt also waived any redemption period during which he would have had the opportunity to pay Jakubow what was owed in full or lose his interest in the Property.

Subsequent to the filing of the strict foreclosure action, Lichosyt and Jakubow stipulated that Jakubow was entitled to strict foreclosure and, at the same time, Lichosyt executed a quitclaim deed of the Property to Jakubow releasing his right, title, and interest in and to the Property arising from the land contract.

Asserting that its land contract vendor’s lien was superior to the Bank’s judgment lien, Jakubow filed a complaint for strict foreclosure naming both Lichosyt and the Bank as defendants.

The Bank then attempted to execute on the Property, requesting a judgment of foreclosure and sheriff’s sale of the Property and distribution of proceeds to creditors.

In 2004, Republic Bank of Chicago (the “Bank”) filed and docketed with the Sauk County Circuit Court a money judgment taken against Lichosyt in an Illinois court proceeding.

At the time of the Court of Appeals’ decision, the value of the Property was $6,668,000.

The purchase price was $4,350,000, with $350,000 to be paid upon execution of the land contract.

In 2002, Lichosyt entered into a land contract with Jakubow to purchase real property in Sauk County, Wisconsin (the “Property”).The facts in Jakubow are relatively straightforward:

The Court of Appeals’ analysis and determination of the parties’ respective rights should be comforting to land contract vendors in Wisconsin … at least for the time being. Lichosyt, 2007 WI App 150, recently addressed the interplay of competing interests to real property where a land contract is involved: Namely, that of a third-party attempting to execute on a judgment lien against a land contract vendee’s equitable interest in real property and that of a land contract vendor who has brought an action for strict foreclosure on the same real property. The Wisconsin Court of Appeals, in Jakubow v.

Banking, Receivership & Creditors’ Rights.