Wyoming Foreclosure Law
Wyoming State Foreclosure Law dictates that lenders may avail of the Judicial and Non-Judicial processes to foreclose deeds of trust or mortgages in default. The typical time of process last about 90 days, and the deeds of trust and mortgages are the primary security instruments used. Filing lawsuits for Deficiency Judgments and the borrower’s Right of Redemption are both recognized in the State of Wyoming.
The Judicial Foreclosure process is used when no power of sale exists in the deeds of trust or in the mortgage. Petitioners have to file a lawsuit in order to obtain a court order to foreclose. It has been a general practice that when the court declares a foreclosure, the property will be auctioned off and will subsequently be awarded to the highest bidder for cash. On the other hand, Non-Judicial Foreclosure is used when a power of sale clause is expressed in the security instruments. “Power of Sale” is the process wherein the borrower agrees to sell the property in dispute to settle the remaining balance from a loan in case of default. The lender or their duly designated representative, commonly referred to as the “trustee,” may execute the “power of sale.”
Power of Sale Foreclosure Guideline
Should the security instruments contain a power of sale clause, the terms specified therein should be strictly followed. Otherwise, the non-judicial foreclosure should be carried out according to the process specified as follows:
- A Notice of Intent to Foreclose must be served to the borrower and any occupants of the property by certified mail, return receipt requested, at least 10 days before the first publication of the Notice of Sale.
The notice must be published at least once a week for 4 consecutive weeks in a county newspaper circulated in the property’s locale. If there is no such newspaper, then the notice must be published in a state newspaper with general circulation in the county.
The notice must state the name of the borrower, the lender and the lender’s representative; the recorded date of the mortgage; the amount of the default; a legal description of the property; and the time and place of sale.
- The sale must be held at the main entrance of the county courthouse between 9:00 a.m. and 5:00 p.m. It must be conducted by a duly appointed person or by the county sheriff or deputy sheriff. Anyone, including the lender, are eligible to bid. The highest bidder will receive a certificate of purchase.
Should it be necessary, the sale may be postponed by publishing a notice in the same newspaper in which the original advertisement was published. This must be done in the soonest possible time and shall continue until the rescheduled sale takes place. This will be done at the expense of the party requesting the postponement.
The borrower has 3 months from the date of the foreclosure sale to exercise his Right of Redemption by paying the purchase price plus 10% interest and any other assessments or taxes as well as any other expenses paid by the purchaser (i.e. amount due on any prior lien plus interest).
Local Wyoming HUD office
Casper Field Office
Department of Housing and Urban Development
150 East B Street, Room 1010
P.O. Box 11010
Casper, WY 82602-5001
Phone: (307) 261-6250
Fax: (307) 261-6245
TTY: (307) 261-6258
Jurisdiction: State of Wyoming
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