What Happens Whan a Land Contract Expires

[bb23]

My question involves real estate located in the State of: Wisconsin

We obtained a house 3 yrs. ago on land contract. In that 3 yrs, and numerous times of trying we still cannot get financing. Being that the contract has expired and we still cannot get the proper financing, my wife and I are willing to cut our losses with our down payment and the money's we've put into the property so far. We would like to just walk away and cut our losses. Problem being the people said that they really don't want the property anymore. We were told that we could actually go into a foreclosure with this? I really do not know how this works. Any suggestions with be greatly apprciated.

[jk]

it is all based on your contract. Since I have not read it, I cannot say what actions are possible. I would suggest you take all the pertinent information to a local lawyer who can read them and advise you.