Wyoming Foreclosure Law Summary
Stop Wyoming Foreclosure
Quick Facts
- Judicial Foreclosure Available: Yes
- Non-Judicial Foreclosure Available: Yes
- Primary Security Instruments: Deed of Trust, Mortgage
- Timeline: Typically 90 days
- Right of Redemption: Yes
- Deficiency Judgments Allowed: Yes
In Wyoming, lenders may foreclose on deeds of trusts or mortgages
in default using either a judicial or non-judicial foreclosure process.
Judicial Foreclosure
The judicial process of foreclosure, which involves filing a lawsuit
to obtain a court order to foreclose, is used when no power of sale is present in
the mortgage or deed of trust. Generally, after the court declares a foreclosure,
the property will be auctioned off to the highest bidder.
Non-Judicial Foreclosure
The non-judicial process of foreclosure is used when a power of
sale clause exists in a mortgage or deed of trust. A "power of
sale" clause is the clause in a deed of trust or mortgage, in
which the borrower pre-authorizes the sale of property to pay off the balance on
a loan in the event of the their default. In deeds of trust or mortgages where a
power of sale exists, the power given to the lender to sell the property may be
executed by the lender or their representative, typically referred to as the trustee.
Regulations for this type of foreclosure process are outlined below in the "Power
of Sale Foreclosure Guidelines".
Power of Sale Foreclosure Guidelines
If the deed of trust or mortgage contains a power of sale clause
and specifies the time, place and terms of sale, then the specified procedure must
be followed. Otherwise, the non-judicial power of sale foreclosure is carried out
as follows:
- Written notice of intent to foreclose the mortgage by advertisement
and sale must be served upon the record owner, and the person in possession
of the mortgaged premises (if different than the record owner), by certified
mail with return receipt, at least ten (10) days before the first publication
of notice of sale.
The notice must be published at least once a week for four (4) consecutive weeks
in a newspaper printed in the county where the property is located. If there
is no newspaper printed in the county, then the notice must be published in
a paper printed in the state and of general circulation in said county.
Said notice must specify the name of the borrower, the lender and the lender's
representative, the date of the mortgage and when it was recorded, the amount
of the default, a description of the property and the time and place of sale.
- The sale must be held at the front door of the courthouse
of the county in which the premises to be sold, or some part of them, are situated,
between the hours of 9:00 am and 5:00 pm, and must be conducted by the person
appointed for that purpose in the mortgage or by the sheriff or deputy sheriff
of the county. Anyone may bid, including the lender. The highest bidder will
receive a certificate of purchase.
Such sale may be postponed from time to time by inserting a notice as soon as
possible in the newspaper in which the original advertisement was published
and continuing such publication until the time to which the sale shall be postponed,
at the expense of the party requesting such postponement.
- The borrower has three (3) months from the date of sale to
redeem the property by paying the amount of the purchase price or the amount
given or bid if purchased by the execution creditor or by the mortgagee under
a mortgage, together with interest at the rate of ten percent (10%) from the
date of sale plus the amount of any assessments or taxes and the amount due
on any prior lien which the purchaser paid after the purchase, with interest.
Lenders may obtain deficiency judgments in Wyoming.
More
information on Wyoming foreclosure laws.
|
