Wyoming Foreclosure Laws

Wyoming foreclosures can be either judicial or non-judicial, depending on the presence of a Power of Sale clause in a mortgage agreement. A Power of Sale clause allows the lender to pursue a foreclosure through non-judicial means. In the absence of such a clause, or when problems exist with a property title, a judicial foreclosure must be used.

A lender begins a non-judicial foreclosure by issuing the homeowner a Notice of Default and providing a chance for them to pay off the debt. If the debt remains unpaid after a certain amount of time, the lender will schedule and carry out a foreclosure sale.

Judicial foreclosures begin when the lender files a suit against the homeowner in court. If the court rules against the homeowner, they will schedule a foreclosure sale of their property in order to reclaim the loan amount for the lender.

Before either a judicial or non-judicial sale can occur, a Notice of Sale must be issued and published in a local weekly newspaper for four consecutive weeks leading up to the day of the sale.

On the date in question, a trustee of the lender or court official auctions off the homeowner's property to the highest bidder. Once that person provides payment of their bid, they are entitled to receive a Certificate of Sale, entitling them to ownership of the property.

The original homeowner has the power to redeem ownership of their property for three months after the sale concludes by paying off the full sale price of the home plus a ten percent interest fee. If the homeowner does not redeem, ownership is transferred to the winning bidder.

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