Stop Foreclosure in Wyoming

 


How to Stop Foreclosure in Wyoming

Even if you have already been summoned by the court, you can still stop foreclosure. Although this may sound impossible, there are some ways on how you can make this happen.

First is to contact the attorney that represents the mortgage company in the foreclosure action and simply offer ways on how you can revoke the notice. You can do this by proposing a settlement to arrange your loan. In some cases, such a proposal can be taken into consideration but be ready to pay a higher amount of interest rate because lenders wouldn’t want to be bankrupt.

You can also apply for refinancing and seek the help of a financial aid that can offer you ways and ranges when it comes to refinancing your dues. This option is very good on the part of the debtor because it basically offers you ways on how to cut the cost but still pay it, probably in a much longer period of time, but still pay it nonetheless.

If you have maintained good ties with your agent, then you can have the face to request for a lower interest rate or lessen the amount of your balance by a certain number of percent. Although the percent of discount may not necessarily be huge, it will still do you good especially if you are experiencing problems with your budget.

In the end, you can also opt to file for bankruptcy. When you file for bankruptcy, your notice of default or foreclosure is automatically lifted. However, this does not mean that you can once again own a home. Bankruptcy means that you are no longer the rightful owner of a home, and can no longer apply for any type of loan because you wouldn’t have the money for it anymore. Plus, such a situation will be reflected in your records.

Synopsis of Wyoming Foreclosure Laws

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:

  1. 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.

  2. 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.
  3. 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.

Where to go to for Foreclosure Help

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

Local Companies

US Bank – Gillette Office
(307) 686-8117
509 S Douglas Hwy
Gillette, WY

Wells Fargo – Powell Main
800-869-3557
102 E 2Nd St
Powell, WY

Wells Fargo – The Aspens
307-732-3915
3445 N Pines Way
Wilson, WY

US Bank – Worland Office
(307) 347-9268
100 S 15th St
Worland, WY

Wells Fargo – Riverton Main
307-857-2626
616 N Federal Blvd
Riverton, WY

US Bank – Cody Office
(307) 527-9621
1132 Beck Ave
Cody, WY

Wells Fargo – Cheyenne East
307-433-1267
3600 E Pershing Blvd
Cheyenne, WY

Wells Fargo – Casper East
307-235-7863
4141 E 2Nd St
Casper, WY

US Bank – Carey Office
(307) 778-1650
2020 Carey Ave
Cheyenne, WY

US Bank – Frontier Mall Office
(307) 772-4060
1437 Prairie Ave
Cheyenne, WY