Foreclosure Laws in Wyoming(WY)

Both judicial and non-judicial foreclosures are used in Wyoming. The determining factor, as to which method the lender uses to try and sell the home, is whether or not a power of sale clause is written into the mortgage. If the mortgage contains the power of sale clause, then the lender can avoid the time and expense of going before a judge to set a sale date.

Whether it is an in-court or out of court foreclosure process, the bank must deliver a written letter of intent to foreclose on the property, a minimum of 10 days in front of the date the first advertisement of the notice of sale was placed in the local paper. The notice of sale or auction must be advertised in a local paper a minimum of once a week for four weeks leading up to the selected sale date.

All such sales in Wyoming are held at the court house of the county in which the property is located. The property is awarded to the highest bidder. This winning bidder receives a certificate of purchase. This certificate does not grant full ownership of the property until the redemption period has expired. This redemption period allows the former home owner to come up with the purchase price at auction, plus 10% interest, plus any due taxes to regain ownership of the property. In Wyoming, the right of redemption period is 3 months immediately following the foreclosure sale date.

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