Wyoming
Foreclosure Law
Summary
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.
DISCLAIMER
