Wyoming Foreclosure Laws
The stipulations of Wyoming foreclosure laws allow lenders to use either the judicial or non-judicial process to handle deeds of trust or mortgages that make their way to foreclosure listings. A foreclosure process takes about 90 days for total completion. The security instruments recognized by the state are deeds of trust and mortgages. The state of Wyoming allows lawsuits filed for deficiency judgments and also recognizes the Right of Redemption claimed by borrowers.
A Power of Sale clause can be found in mortgage agreements and, if present, is a very important feature. This clause requires the borrower to agree to sell his property in order to repay the loan balance in the event of a default. When such a clause is present, a non-judicial procedure is followed. Judicial foreclosures process is used in the absence of a Power of Sale clause in the security instruments. This requires filing a lawsuit to get the court to declare a foreclosure. After this, the property is auctioned to the highest bidder.
Procedures to be followed when a Power of Sale clause is included
The specific terms mentioned should be closely followed if they are mentioned in the security instruments. If such specific terms are absent, there are certain guidelines that govern the non-judicial foreclosure sale process.
The borrower must be sent a Notice of Intent to Foreclose. This notice may be served to any occupants of the distressed property if the borrower cannot be located. These notices must be served at least 10 days before the first publication of the Notice of Sale.
Wyoming's laws require that the lender publish the notice once a week for four continuous weeks in a newspaper local to the county in which the distressed property is located. In the absence of a local newspaper, the notice must be published in a newspaper that has a significant readership in the county.
The details mentioned in the notice must include information such as the name of the borrower and the lender or his representative, the mortgage date, the default amount involved, a description of the property, the time and place at which the foreclosure sale will take place.
The place at which the foreclosure sale is conducted is usually at the county courthouse, at timings between 9:00 a.m. and 5:00 p.m. The presiding officer is usually the county sheriff, his deputy, or someone appointed by the court. The property is given to the person who bids the highest amount.
Foreclosure sales can be postponed by following a few set rules. These rules include the publication of a postponement notice in the same newspaper that the sale notice was published in. The party who requires the postponement has to bear the expenses of the publication.
The Wyoming foreclosure laws provide the defaulter with a three month time period in which he can exercise his Right of Redemption and redeem his property. This can be accomplished by paying the entire amount the current owner paid to buy the house, plus 10 percent interest and other taxes, charges, or expenses incurred by the purchaser on the property.
