- 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.
