45.32 Powers of the department. - Wisconsin Statutes

45.32

45.32 Powers of the department. With respect to loans made by and mortgages and mortgage notes executed or properties mortgaged to the department or to authorized lenders under this subchapter, the department may do any of the following:

45.32(1)

(1) Execute necessary instruments.

45.32(2)

(2) Collect interest and principal.

45.32(3)

(3) Compromise indebtedness due on mortgage notes.

45.32(4)

(4) Sue and be sued.

45.32(5)

(5) Exercise the rights of a mortgagee, generally including the right to do any of the following:

45.32(5)(a)

(a) Acquire or take possession of the mortgaged property and in so doing the department may accept voluntary surrender and conveyance of title to the property in full satisfaction of a mortgage debt or may bid for and purchase the property at a sheriff's sale or replevin the property.

45.32(5)(b)

(b) Commit itself to execute and execute subordination agreements, partial releases, and other necessary instruments.

45.32(5)(c)

(c) Set up and follow procedures to assure proper disbursement of the proceeds of insurance checks, share drafts, or other drafts covering damages sustained on mortgaged properties.

45.32(5)(d)

(d) Pay the principal and interest on any obligations incurred in connection with the mortgages on the property including real estate taxes, insurance premiums, attorney fees, and obligations created as a result of its exercise of powers vested in it under this subchapter.

45.32(5)(e)

(e) Exercise any other powers as may be necessary for the efficient administration of this subchapter.

45.32(6)

(6) In contracts entered into under s. 45.37 (5) (a) 1., empower authorized lenders to exercise any of the powers vested in the department under this subchapter.

45.32(7)

(7) Manage, operate, lease, exchange, sell, and otherwise convey real property.

45.32(8)

(8) Grant easements in any real property the department acquires.

45.32(9)

(9) Upon application by the mortgagor and agreement in writing executed by the parties:

45.32(9)(a)

(a) Extend the time in which the obligation under a mortgage note or any part of the obligation must be paid.

45.32(9)(b)

(b) Reduce the amounts of monthly installments and provide other terms and conditions relative to time and manner of repaying the obligation as it deems necessary or reasonable.

45.32 - ANNOT.

History: 2005 a. 22.