Wyoming foreclosure is carried out either in court or out of court. The Wyoming foreclosure process typically takes about two months. There is additionally a redemption period of three months after the foreclosure sale.
In a Wyoming foreclosure, if no Power of Sale clause is included in the mortgage, the foreclosure process is conducted through the court system. Once the court declares a foreclosure, the property is scheduled for sale.
However, when a Power of Sale clause is written into the mortgage, the lender automatically has the right to sell the property without initiating court action.
In either case, written notice of the intent to foreclose on a property, called a Breach Letter, is required to be delivered to the borrower a minimum of 10 days prior to the first publication of the notice of sale.
In a Wyoming foreclosure, the borrower generally gets the right to:
- receive a pre-foreclosure notice, called a “breach letter”
- apply for loss mitigation
- receive certain foreclosure notices
- get current on the loan and stop the foreclosure sale
- receive special protections if you’re in the military
- pay off the loan to prevent a sale
- redeem the property after a foreclosure sale, and
- get any excess money after a foreclosure sale.
Notice of Sale & Auction
The Notice of Sale, (NOS), must be published in a local newspaper a minimum of once a week for four consecutive weeks.
Wyoming foreclosure sales are handled by public auction. The property is awarded to the highest bidder. All sales are at the front door of the county courthouse in the county where the property is located. The sale takes place between 9 a.m. and 5 p.m., on a regular business day. It is conducted by a person appointed by the county sheriff. Anyone may bid. The lender typically opens with the default amount. The highest bidder receives a Certificate of Purchase.
The winning bidder receives full ownership if the borrower fails to redeem the property during the redemption period,
The borrower is granted three months after the date of the sale to redeem the property. They must pay the amount of the purchase price from the auction plus an interest rate of 10 percent and any taxes due.