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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. |
