Highlights:

Judicial/ Non-Judicial Foreclosure: Both Judicial & Non-Judicial Foreclosure

Right of Redemption / Deficiency Judgment: Yes / Yes

Timeline: 90 Days, Can vary depending on individual cases

Deed of Trust / Mortgage as Security Instruments: Deed of Trust, Mortgage

 

Judicial Foreclosure process:   

If there is no power of sale clause in the Deed of Trust/ Mortgage documents, the Judicial foreclosure process is followed. In the Judicial foreclosure process, the lender files a lawsuit against the borrower in case the latter happens to default on their mortgage payments. The court verifies the same and issues a foreclosure order authorizing the foreclosure sale where the mortgage property is sold off to the highest bidder through a public auction.

Non-Judicial Foreclosure process:

If a power of sale clause is present in the Deed of Trust or Mortgage documents, the Non-Judicial foreclosure process is followed. The power of sale clause authorizes the lender or their authorized representative (referred to as the Trustee) to conduct the foreclosure proceedings in case the borrower happens to default on their mortgage payments. The following guidelines are followed for the Non-Judicial foreclosure process.

If the power of sale clause contains the time, venue and other foreclosure sale terms, the same can be followed as such. Otherwise, the following processes are followed.

A notice of intent to foreclose should be prepared and the same needs to be sent to the borrower and the occupants of the property (if any), at least ten days before the publication of the foreclosure sale notice. This is sent by registered post (return acknowledgement requested).

A foreclosure sale notice is prepared and it should contain all the details of the lender, borrower, their correspondence address, phone numbers, location and other details of the property, foreclosure sale date, time, venue, foreclosure sale terms, etc.

This foreclosure sale notice is advertised in a local newspaper that is published in the county where the property is located or a national newspaper that has sizable readership in the county at least for one week, for four consecutive weeks.

The foreclosure sale is conducted by the sheriff, their deputy or any other person authorized to conduct the same between 9:00 AM and 5:00 PM before the front door of the courthouse where the property is located.

The sale can be postponed by advertising a notice to this effect in the newspaper in which the foreclosure sale notice was originally published. This notice needs to be published regularly till the new date. The property is sold through an auction and a certificate of purchase is presented to the highest bidder. Anyone, including the lender can bid during the foreclosure sale.

Lenders can file for deficiency judgments in Wyoming. The borrower can exercise their right of redemption for three months from the foreclosure sale date. The borrower needs to pay the amount paid by the highest bidder, in some cases along with interest charges of 10%, taxes and any other applicable charges.