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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.
Click here for more information on Wyoming foreclosure
laws.
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