Power of Sale Foreclosure in Wyoming

Wyoming allows Judicial as well as Non-judicial foreclosure.

What is the processing period for foreclosure in Wyoming?
Normally, it takes around 90 days to foreclose a property in Wyoming.

What is sale publication period in Wyoming for foreclosure?
Sale publication period is 25 days in Wyoming.

Is there any right of redemption in Wyoming for foreclosure?
There is a right of redemption in Wyoming.

Are deficiency judgments permitted in Wyoming?
Deficiency judgments are permitted in Wyoming.

Which law provision governs foreclosure in Wyoming?
It is found in Title 34 of Wyoming Statutes, Chapter 3 (Deeds of Trust) and Chapter 4 (foreclosure of Mortgages and Power of Sale.

What happens during Judicial Foreclosure in Wyoming?
It involves filing a law suite to obtain a court order. This is done when no power of sale is present in mortgage/deed. The property is auctioned off to the highest bidder.

What happens during Non-Judicial Foreclosure in Wyoming?
Non-judicial foreclosure is conducted only when power of sale clause exists in deed of trust/mortgage. This clause allows borrower pre-authorizes the sale of property to pay off the balance loan in the incidence of their default. In such cases power is given to lender to sell the property by himself or his representative who generally referred as trustee. Guidelines for such procedure are mentioned under “Guidelines for power of sale foreclosure”.

Guidelines for power of sale foreclosure
If the deed of trust/mortgage contains a power of sale clause with specified time, place and terms of sale, then it should be followed.

Otherwise Non-judicial foreclosure is conducted as follows:
The lender needs to send a notice to the borrower mentioning his intention to foreclosure property by a certified mail with return receipt requested, at least 10 days before the release of the first ad. The notice should be published once a week for four weeks in a local newspaper. 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. The notice should contain name of the borrower, the lender and lender’s representative, the date of mortgage, amount of default, a description of the property and date/time of the sale. The sale is held at the front door of the courthouse between 9 a.m. to 5 p.m. and is conducted by the sheriff or deputy sheriff of the county. Highest bidder receives a certificate of purchase.

The borrower gets 3 months time from the date of the sale to redeem the property by paying the bid amount plus 10% interest, amount of any assessments or taxes and the amount due on any prior lien which the purchaser paid after the purchase, with interest.

This is legal information; it should not be treated as legal advice.