Wyoming Foreclosure Law

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Wyoming Foreclosure Laws

Typical Wyoming Foreclosure Time Frame – Typical Wyoming foreclosure procedures take approximately 90 days.

Judicial Foreclosure – Yes

Non-Judicial Foreclosure – Yes

Types of Security Instruments – Mortgage and Deed of Trust

Right of Redemption Period – 3 months from the date of the sale

Wyoming foreclosure laws provide lenders with both judicial and non-judicial foreclosure procedures in order to correct or cure any defaulted mortgages.  Lenders are permitted to use judicial foreclosures in the event that the mortgage contract does not include a power of sale stipulation or clause.  However, when the power of sale clause is included in the contract the lender must use non-judicial foreclosure methods.

The judicial foreclosure method requires the lender to sue the borrower in court to obtain court permission to foreclose.  Once the court has declared the property in foreclosure the lender is permitted to proceed with the sale under Wyoming foreclosure laws.

In a non-judicial foreclosure, the lender is required to follow all terms and conditions for the sale as set forth by the power of sale clause.  In the event that the power of sale clause does not include the terms and conditions including the time and location Wyoming foreclosure law sets forth guidelines that must be followed.

The lender is required to mail certified mail return receipt to the borrower a notice of intent to foreclose.  This must be mailed a minimum of 10 days before the first publication of the notice in the local public newspaper.  The notice is also required to be published once a week for a minimum of four consecutive weeks in the local public newspaper.  If there is no local newspaper, Wyoming foreclosure laws allow the notice to be published in a newspaper that is printed in the state and circulated to the general population of the county in which the property is located.

The notice is required to identify the borrower, the lender, the name of the lenders representative, the date the mortgage was recorded, the exact amount of the default and the time, date and location of the sale.

Under Wyoming foreclosure law, the sale itself is required to be held at the front door of the county courthouse that has jurisdiction of the property.  The sale must be conducted between the hours of 9 a.m. and 5 p.m.  A representative of the lender or a person appointed by the county sheriff is permitted to conduct the sale.  The successful high bidder of the sale will receive a certificate of sale from the person conducting the sale. 

In the event that the sale must be postponed, a notice of postponement is required to be published at the expense of the party requesting the postponement.  The notice is required to be published in the same newspaper that published the original notice.  The notice of postponement is required to be published until the new sale date is reached.

Borrowers are permitted a right of redemption period of three months from the date of the sale in which to redeem the property.  To redeem borrowers must pay the purchase price of the property, or the amount the lender bid on the mortgage, plus the amounts due for any previous liens, and 10% interest.

Wyoming foreclosure laws do permit lenders to sue for deficiency judgments.

For more information on Wyoming foreclosure laws click here.

 

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The information found on this site is not intended to be legal advice. The foreclosure process is highly case specific and laws vary throughout the United States. Please seek professional legal counsel before entering into any contract regarding any real property or stopping the foreclosure on any real property. By using this site you consent to the terms posted here.