|
Friday, 29 August 2008 06:29 |
| Judicial Foreclosure | Yes | | Non-Judicial Foreclosure | Yes | | Security Instruments | Deed of Trust; Mortgage | | Right of Redemption | Yes | | Deficiency Judgments | Yes | | Time Frame | Usually 90 days | Wyoming Foreclosure Process Judicial foreclosures Judicial foreclosures are only used in Wyoming when there is no power of sale clause in the loan documents. In a judicial foreclosure, the court must declare the property to be in foreclosure before a sale date can be set. Non-Judicial foreclosures In a non-judicial foreclosure in Wyoming there is a requirement that the loan documents contain a power of sale clause. Typically power of sale clauses include the foreclosure procedures that are to be followed, such as the time, place, and terms of the sale. However, if the power of sale clause does not contain such information, the foreclosure procedure should follow these steps: - The Notice of intent to foreclose should be delivered to the borrower or occupant of the property by certified mail at least ten days before the publication of the notice of sale.
- The notice of sale must be published weekly for four consecutive weeks in a newspaper published in the county in which the property is located. If no local paper is available, it must be published in a paper printed in the state and of general circulation in the applicable county.
- The notice must identify the borrower, lender, and lender’s representative, include the date of recordation of the mortgage, the amount of the default, and the time and place of the sale.
- The sale must be held at the front door of courthouse between 9:00 AM and 5 PM and conducted by the lender’s representative or a person appointed by the sheriff. The successful bidder receives a certificate of sale. The sale may be postponed from time to time and a notice of postponement must be published at the expense of the party requesting postponement in the paper in which the original notice was published. Publication of the notice of postponement must continue until the new sale date.
- The borrower has three months from the date of sale by paying the the purchase price or amount bid by the mortgagee, the amount of any prior liens, axes or assessments together with 10% interest.
|
|
|
Last Updated ( Friday, 29 August 2008 09:53 )
|
