Timeline:
90 Days
Redemption:
Yes
Deficiency
Judgments: Yes
Judicial
Foreclosure: Yes
Non-Judicial
Foreclosure: Yes
Security
Instruments: Deed of Trust, Mortgage
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Wyoming
foreclosure law allows lenders to foreclose on properties using
either a Judicial or Non-Judicial Foreclosure process. Judicial
Foreclosure is used when no “power of sale” clause is present
in the original loan documents. The lender must sue the borrower
in court and the borrower must be declared by the court to be
in default. Only then can a sale of the property be held.
If the
Non-Judicial Foreclosure process is to be used, a “power of
sale” clause must be in the original loan documents. This clause
authorizes the lender to sell the property if the borrower defaults
on the loan. If the “power of sale” clause specifies the time,
place, and terms of the loan, then those details must be followed. |
A notice
of intent to foreclose up on and sell the property must be sent
to the borrower by certified mail with return receipt requested.
If the borrower is unable to be located, the notice is served
upon the occupants. This must be done at least ten (10) days
before the notice of sale is first published.
The
notice of sale must include all of the following information:
the time and place of the sale, the amount the borrower is in
default, the original date the mortgage was recorded, and the
identities of the borrower, lender, and lender's representative.
The
notice of sale must be published in a newspaper of general circulation
in the county in which the property is located. The publication
must run for four (4) consecutive weeks.
The
sale is conducted by the lender's representative or an appointee
of the county sheriff and must be held at the front door of
the courthouse between the hours of 9:00 AM and 5:00 PM . The
winning bidder at the auction receives a certificate of sale.
If the
sale date is postponed, a notice of postponement must be published
in the original newspaper that the notice was published in.
The party requesting the postponement must pay the expense of
running the notice of postponement in the newspaper. Publication
of the new sale date must continue until the new sale date.
The
borrower has the right to redeem the property by paying the
purchase price at the auction plus any other prior liens, taxes,
and assessments, along with ten percent (10%) interest. The
redemption period lasts for three months from the date of sale.
The
lender may sue the borrower for a deficiency judgment if the
amount of the sale price is not enough to pay the loan balance
due plus costs.
Wyoming Foreclosure Law