Wisconsin Statutes
Wis. Stat. § 846.103 (2026)
Foreclosures of commercial properties and multifamily residences
✓ current as of July 2026
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846.103(1)(1) No foreclosure sale involving real property other than a one-family to 4-family residence that is owner-occupied at the commencement of the foreclosure action, a farm, a church, or a tax-exempt nonprofit charitable organization may be held until the expiration of 6 months from the date when the judgment is entered except a sale under sub. (2). Notice of the time and place of sale shall be given under s. 846.16 (1) and may be given within the 6-month period, except that the first printing of the notice shall not be made less than 4 months after the date when the judgment is entered.
846.103(2)(2) If the mortgagor of real property other than a one-family to 4-family residence that is owner-occupied at the commencement of the foreclosure action, a farm, a church, or a tax-exempt nonprofit charitable organization has agreed in writing at the time of the execution of the mortgage to the provisions of this section, the plaintiff in a foreclosure action of a mortgage, which mortgage is recorded subsequent to May 12, 1978, may elect by express allegation in the complaint to waive judgment for any deficiency that may remain due to the plaintiff after sale of the mortgaged premises against every party who is personally liable for the debt secured by the mortgage, and to consent that the mortgagor, unless he or she abandons the property, may remain in possession of the mortgaged premises and be entitled to all rents, issues, and profits therefrom to the date of confirmation of the sale by the court. When the plaintiff so elects, judgment shall be entered as provided in this chapter, except that no judgment for deficiency may be ordered nor separately rendered against any party who is personally liable for the debt secured by the mortgage and the sale of the mortgaged premises shall be made upon the expiration of 3 months from the date when the judgment is entered. Notice of the time and place of sale shall be given under s. 846.16 (1) and may be given within the 3-month period, except that the first printing of the notice shall not be made less than one month after the date when the judgment is entered.
846.103 Annotation“Personally liable for the debt secured by the mortgage” has the same meaning in ss. 846.103 (2) and 846.04. “Personally liable” is a term of art used to distinguish the borrower’s liability, which is a personal obligation, from the mortgagor’s liability, which is an obligation limited to the property used to secure the note debt. Bank Mutual v. S.J. Boyer Construction, Inc. 2010 WI 74, 326 Wis. 2d 521, 785 N.W.2d 462, 08-0912.
846.103 AnnotationA mortgagee who forecloses under the shortened redemption period under sub. (2) does not forfeit the right to obtain a judgment against a guarantor of payment even though it must waive its right to collect any deficiency from the debtor. Guarantors of payment are not members of the class of persons against whom a mortgagee must waive judgment when invoking sub. (2) because guarantors are not “personally liable for the debt secured by the mortgage.” This phrase is used to distinguish the liability of a borrower on a debt, which is a personal obligation, from the liability of a mortgagor, which is an obligation limited to the property the mortgagor has put up as security for the debt. The phrase does not contemplate guarantors whose liability arises not from the debt but from a separate contract. Bank Mutual v. S.J. Boyer Construction, Inc. 2010 WI 74, 326 Wis. 2d 521, 785 N.W.2d 462, 08-0912.
Notes of Decisions
Cited in 13
cases, 1982–2018 · leading case: Bank Mut. v. S.J. Boyer Constr., Inc., 2010 WI 74 (Wis. 2010).
Bank Mut. v. S.J. Boyer Constr., Inc., 2010 WI 74 (Wis. 2010). “The first is whether a mortgagee, by electing to foreclose on a mortgage under the shortened redemption period provided by Wis. Stat. § 846.103 (2) (2007-08), [1] forfeits the right to obtain a judgment against a guarantor of payment of the underlying debt.”
Bank of New York v. Shirley T. Carson, 2015 WI 15 (Wis. 2015). “¶25 The Bank contends that the court of appeals' interpretation of Wis. Stat. § 846.103 in Arch Bay Holdings LLC- (2) If the mortgagor of real property other than a one- to 4-family residence that is owner-occupied at the commencement of the foreclosure action .”
Bank of Sun Prairie v. Marshall Dev. Co., 2001 WI App 64 (Wis. Ct. App. 2001). “(1) No foreclosure sale involving real property other than a one- to 4-family residence that is owner-occupied at the commencement of the foreclosure action, a farm, a church or a tax-exempt nonprofit charitable organization may be held until the expiration of 6 months from the…”
Horizon Bank, Nat'l Ass'n v. Marshalls Point Retreat LLC, 908 N.W.2d 797 (Wis. 2018). “§ 846.103 , waived rights to a deficiency judgment against Marshalls Point.”
Bank Mut. v. S.J. Boyer Constr., Inc., 2009 WI App 14 (Wis. Ct. App. 2008). “The Boyers contend Bank Mutual was prohibited from obtaining judgments against the Boyers for the full amounts of the debts because Bank Mutual elected a shortened redemption under Wis. Stat. § 846.103 (2). 2 We agree and reverse the order.”
In re First Phoenix-Weston, LLC, 575 B.R. 828 (Bankr. W.D. Wis. 2017). “Wis. Stat. §§ 846.103 , 846.13, and 846.30.”
Harbor Credit Union v. Samp, 2011 WI App 40 (Wis. Ct. App. 2011). “101 5 or Wis. Stat. § 846.103 (2) is precluded from foreclosing on other parcels of land secured by the same mortgage, or from foreclosing on other mortgages se *232 curing the same debt.”
Burke v. E.L.C. Investors, Inc., 329 N.W.2d 259 (Wis. Ct. App. 1982). “raises three issues: 1 (1) whether the trial court erred in applying the reduced redemption period for commercial mortgage foreclosure sales of six months as provided in sec. 846.103, Stats., 2 to the foreclosure sale of premises mortgaged prior to the effective date of the…”
Bank of Am., N.A. v. Martinson, 828 F.3d 532 (7th Cir. 2016). “13 (right of redemption); Wis. Stat. § 846.103 (requiring at least three-month delay after judgment before sheriffs sale for this category of property).”
United States v. Molitor, 157 B.R. 427 (W.D. Wis. 1992). “*432 § 846.103 (1989-90). While “A-G Coop Creamery” is listed as a defendant in this case, no one has argued that this property fits within the definition of commercial property in § 846.”
Bank of New York v. Shirley T. Carson (Wis. 2015). “¶25 The Bank contends that the court of appeals' interpretation of Wis. Stat. § 846.103 in Arch Bay Holdings LLC- (2) If the mortgagor of real property other than a one- to 4-family residence that is owner-occupied at the commencement of the foreclosure action .”
Bank of Am., N.A. v. Prissel, 2015 WI App 10 (Wis. Ct. App. 2014). “Each of these statutes establishes a redemption period for the type of property addressed, during which the borrower may pay off his or her debt and redeem the property before it is sold at a foreclosure sale. Specifically, the statutes establish a twelve-month redemption period…”
— Wis. Stat. § 846.103(1) — 4 cases
Bank of Sun Prairie v. Marshall Dev. Co., 2001 WI App 64 (Wis. Ct. App. 2001). “(1) No foreclosure sale involving real property other than a one- to 4-family residence that is owner-occupied at the commencement of the foreclosure action, a farm, a church or a tax-exempt nonprofit charitable organization may be held until the expiration of 6 months from the…”
Bank Mut. v. S.J. Boyer Constr., Inc., 2010 WI 74 (Wis. 2010). “The first is whether a mortgagee, by electing to foreclose on a mortgage under the shortened redemption period provided by Wis. Stat. § 846.103 (2) (2007-08), [1] forfeits the right to obtain a judgment against a guarantor of payment of the underlying debt.”
Horizon Bank, Nat'l Ass'n v. Marshalls Point Retreat LLC, 908 N.W.2d 797 (Wis. 2018). “§ 846.103 , waived rights to a deficiency judgment against Marshalls Point.”
Bank of Am., N.A. v. Prissel, 2015 WI App 10 (Wis. Ct. App. 2014). “Each of these statutes establishes a redemption period for the type of property addressed, during which the borrower may pay off his or her debt and redeem the property before it is sold at a foreclosure sale. Specifically, the statutes establish a twelve-month redemption period…”
— Wis. Stat. § 846.103(2) — 5 cases
Bank Mut. v. S.J. Boyer Constr., Inc., 2010 WI 74 (Wis. 2010). “The first is whether a mortgagee, by electing to foreclose on a mortgage under the shortened redemption period provided by Wis. Stat. § 846.103 (2) (2007-08), [1] forfeits the right to obtain a judgment against a guarantor of payment of the underlying debt.”
Horizon Bank, Nat'l Ass'n v. Marshalls Point Retreat LLC, 908 N.W.2d 797 (Wis. 2018). “§ 846.103 , waived rights to a deficiency judgment against Marshalls Point.”
Bank of Sun Prairie v. Marshall Dev. Co., 2001 WI App 64 (Wis. Ct. App. 2001). “(1) No foreclosure sale involving real property other than a one- to 4-family residence that is owner-occupied at the commencement of the foreclosure action, a farm, a church or a tax-exempt nonprofit charitable organization may be held until the expiration of 6 months from the…”
Bank of Am., N.A. v. Prissel, 2015 WI App 10 (Wis. Ct. App. 2014). “Each of these statutes establishes a redemption period for the type of property addressed, during which the borrower may pay off his or her debt and redeem the property before it is sold at a foreclosure sale. Specifically, the statutes establish a twelve-month redemption period…”
Maze v. City of Fond Du Lac, 643 F. Supp. 1108 (E.D. Wis. 1986).
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