Wyoming Foreclosure Laws

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Judicial Foreclosure Available:	Yes
Non-Judicial Foreclosure Available:	Yes
Primary Security Instruments:	Deed of Trust, Mortgage
Timeline:	Typically 90 days
Right of Redemption:	Yes
Deficiency Judgments Allowed:	Yes

In Wyoming, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.

Judicial Foreclosure

Judicial Foreclosure involves the sale of the mortgaged property under the supervision of a court. The property is subject to auction by the county sheriff or some other officer of the court. The proceeds first go to the lender to satisfy the mortgage; then other lien holders; and, finally, to the borrower if any proceeds are left. All parties must be notified of the foreclosure. A judicial decision is announced after pleadings at a hearing in a state or local court.

Non-Judicial Foreclosure (Power of Sale)

Also known as Foreclosure by power of sale, Non-Judicial Foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. This process involves the sale of the property by the mortgage holder without court supervision. It is generally more expedient than foreclosure by judicial sale. As in judicial sale, the mortgage holder and other lien holders are respectively first and second claimants to the proceeds from the sale.

Power of Sale Foreclosure Guidelines

If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows:

1. Written notice of intent to foreclose the mortgage by advertisement and sale must be served upon the record owner, and the person in possession of the mortgaged premises (if different than the record owner), by certified mail with return receipt, at least ten (10) days before the first publication of notice of sale.
   
   The notice must be published at least once a week for four (4) consecutive weeks in a newspaper printed in the county where the property is located. If there is no newspaper printed in the county, then the notice must be published in a paper printed in the state and of general circulation in said county.
   
   Said notice must specify the name of the borrower, the lender and the lender's representative, the date of the mortgage and when it was recorded, the amount of the default, a description of the property and the time and place of sale.


2. The sale must be held at the front door of the courthouse of the county in which the premises to be sold, or some part of them, are situated, between the hours of 9:00 am and 5:00 pm, and must be conducted by the person appointed for that purpose in the mortgage or by the sheriff or deputy sheriff of the county. Anyone may bid, including the lender. The highest bidder will receive a certificate of purchase.
   
   Such sale may be postponed from time to time by inserting a notice as soon as possible in the newspaper in which the original advertisement was published and continuing such publication until the time to which the sale shall be postponed, at the expense of the party requesting such postponement.


3. The borrower has three (3) months from the date of sale to redeem the property by paying the amount of the purchase price or the amount given or bid if purchased by the execution creditor or by the mortgagee under a mortgage, together with interest at the rate of ten percent (10%) from the date of sale plus the amount of any assessments or taxes and the amount due on any prior lien which the purchaser paid after the purchase, with interest.

Lenders may obtain deficiency judgments in Wyoming.

United States Foreclosure Law