- 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.
