Wyoming Foreclosure Laws

Expected Timeline: Two to three months
Security Instrument: Mortgage or Deed of Trust. Deed of trust most commonly used.
Type of Process: Judicial or nonjudicial. Nonjudicial foreclosure most common.
Protections for Servicemembers: Wyo. Stat. Ann. § 19-11-101 to 19-11-124
Time to Respond: In judicial proceedings, homeowners have twenty to thirty days to respond to lawsuit. In nonjudicial foreclosure, homeowners must be served with notice of intent to foreclose at least ten days before publication of notice of sale. Notice of sale is required to be published for four weeks before sale. Notice must also be served on homeowner before first publication.
Reinstatement Period: None.
Protections for High-Cost Mortgages: None.
Redemption Period: Redemption period is three months after sheriff sale of property.
Eviction Process: New owner will have to initiate eviction lawsuit in court after redemption expires. Process may take from two weeks to a month, depending on if former owners answer complaint or not.
Deficiency Judgments: Allowed.
Limits on Deficiency Judgments: Deficiency judgments are allowed if the homeowner is obligated by a separate written agreement.
Cash Exempted in Bankruptcy: None.
State Statutes: Wyo. State Ann. § 34-4-101 to 34-4-113, 1-18-101 to 1-18-114

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.

State Website: www.legisweb.state.wy.us