Wyoming Foreclosure Laws
Judicial Foreclosure Available: Yes
Non-Judicial Foreclosure Available: Yes
Security Instruments: Mortgage, Deed of Trust
Right of Redemption Period: 3 Months
Deficiency Judgments Allowed: Yes
Time Frame: 90 Days
Public Notice: Publication
Wyoming is considered to be a title theory state, which means that a property title will remain in trust until the loan is paid in full. In the state, a title can be secured by either a mortgage or a deed of trust. If the borrower defaults, the lender may pursue either judicial or non-judicial foreclosure.
Borrowers in Wyoming have a right of redemption period of three (3) months in order to reclaim their property by paying off their default plus ten (10) percent interest. Lenders may seek a deficiency judgment in the event that a property is sold for less than what was owed on it. If granted, the borrower will be responsible for paying the difference.
Types of Foreclosures Allowed in Wyoming
Wyoming foreclosure law allows for judicial foreclosures on defaulted property. This type of foreclosure, also known as foreclosure by judicial sale, involves selling the defaulted property under court supervision. In order for a judicial foreclosure to be possible, no power of sale clause may be present in the loan documents.
The lender must sue the borrower in order to obtain a court order to foreclose from a court with jurisdiction in the county where the property is located. Once the court declares foreclosure, the property will be sold at auction to the highest bidder.
Wyoming also allows for non-judicial foreclosure proceedings to take place. Also known as foreclosure by power of sale, this method lets a property be sold without court supervision. In order for non-judicial foreclosures in Wyoming to be possible, the loan documents must contain a power of sale clause, which authorizes the lender to sell the property in the event of default to be able to recover what is owed on the property. This type of foreclosure process is usually much faster and less expensive than a judicial foreclosure.
There are two ways in which a non-judicial foreclosure in Wyoming can proceed. If the power of sale clause states a specific time, place, and outlines terms of sale, then the lender must follow the procedure that is stated. If there is no specification, then the following must occur:
1. Notice of intent to must be sent to the borrower by certified mail, return receipt requested at least ten (10) days before the first publication of the notice of sale.
2. The notice of sale must be published once a week for four (4) straight weeks in a newspaper that is printed in the county in which the property is located. If there is no local paper, the notice must be published in a paper printed in the state which circulates in the county where the property is located.
3. The notice must include information about the borrower, lender, mortgage, default, as well as the time and location of the sale.
4. The sale must be held at the front door of courthouse where the property is located between 9 am and 5 pm and must be conducted by the representative specified in the mortgage or by the county sheriff. Anyone may bid at the auction, including the lender. The winning bidder will receive a certificate of sale.
5. The sale may be postponed by having a notice of postponement published in the paper in which the original notice was published.
6. The borrower has a three (3) month redemption period to reclaim the property.
Working with a Foreclosure Lawyer in Wyoming
If you have been issued a notice of foreclosure, there is still time to fight for your property. Regardless of your reasons for defaulting, help is readily available to you in Wyoming. Contact a skilled foreclosure attorney right away to prevent the repossession of your home.
Foreclosure attorneys work diligently to stop foreclosure on your property. They will come up with an alternative plan to repossession, such as mortgage modification or short sale, to present to your lender. Since the process of foreclosing property costs lenders money, chances are in your favor that they will agree to your foreclosure lawyer’s proposal.
Whether you defaulted because of pay cuts at work, because you lost your job or even due to medical reasons, you still have rights as a homeowner in Wyoming. Don’t wait another minute before calling a leading Wyoming foreclosure lawyer to prevent your home from being repossessed.