Wyoming Foreclosure Process and Laws

 


Quick Facts About the Wyoming Foreclosure Process

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

Lenders in Wyoming may foreclose on mortgages in default through a judicial or non-judicial process.

Judicial Foreclosure
In the judicial foreclosure process, the lender must file a lawsuit to obtain a court order to foreclose on a mortgage in default. This is used when no power of sale clause is present. When the foreclosure is approved, the property will then be auctioned off to the highest bidder.

Non-Judicial Foreclosure
The non-judicial foreclosure process is done when a power of sale clause exists in a mortgage. This means that the borrower has pre-authorized the sale of the property to pay off his debts in the event of their default. The lender or a representative has the power to sell the property at a public auction following the process outlined in the the “Power of Sale Foreclosure Guidelines.”

Power of Sale Foreclosure Guidelines
If the power of sale clause does not specify the terms of sale, the non-judicial process of foreclosure must be done by:

  1. A notice of intent to foreclose must be sent to the borrower by certified mail with return receipt, at least 10 days before the first publication of the notice of sale.

    The notice of sale must be published once a week for four consecutive weeks in the county newspaper where the property is located, or in a state newspaper that is in general circulation within the county.

    The notice must include the borrower and the lender’s names, date of mortgage, amount due, a description of the property and the time and place of sale.

  2. The sale must be held in fornt of the county courthouse in between 9am-5pm, and must be conducted by the person appointed by the sheriff. Anyone may bid, including the lender, and a certificate of sale will be given to the highest bidder.

    The sale may be postponed but a notice in the newspaper must be published until the the time of postponement, at the expense of the party requesting the postponement.

  3. The borrower has until three months to redeem the property by paying the purchase price plus interest of 10%, assessments, taxes and any amounts due on any prior lien.

Deficiency judgements may be obtained in Wyoming.

Foreclosure Avoidance Counseling

HUD-approved housing counseling agencies are available to provide you with the information and assistance you need to avoid foreclosure. As part of President Obama’s comprehensive Homeowner Affordability and Stability Plan (HASP), you may be eligible for a special Making Home Affordable loan modification or refinance, to reduce your monthly payments and help you keep your home.

If you need help understanding the Making Home Affordable programs, you can use this search tool to find a counseling agency in your area that will provide you with free foreclosure prevention services. If you are eligible for the loan modification or refinance program, the counselor will work with you to compile an intake package for your servicer.

Foreclosure prevention counseling services are provided free of charge by nonprofit housing counseling agencies working in partnership with the Federal Government. These agencies are funded, in part, by HUD and NeighborWorks® America. There is no need to pay a private company for these services.

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

Danberry Carmon
Field Office Director

Office Hours: 8:00 a.m. to 4:30 p.m.

Monday through Friday