Podcast
Questions and Answers
When must the sale be conducted?
When must the sale be conducted?
Who can conduct the sale?
Who can conduct the sale?
What happens if the sale is postponed?
What happens if the sale is postponed?
How long does the borrower have to redeem the property after the sale?
How long does the borrower have to redeem the property after the sale?
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What additional costs must be paid by the borrower to redeem the property?
What additional costs must be paid by the borrower to redeem the property?
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What distinguishes judicial foreclosure from non-judicial foreclosure in Wyoming?
What distinguishes judicial foreclosure from non-judicial foreclosure in Wyoming?
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What is a power-of-sale clause in a mortgage or deed of trust?
What is a power-of-sale clause in a mortgage or deed of trust?
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Which of the following must be included in the notice of intent to foreclose for non-judicial foreclosure?
Which of the following must be included in the notice of intent to foreclose for non-judicial foreclosure?
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What is the minimum notice period required before the first publication of the sale notice in a non-judicial foreclosure?
What is the minimum notice period required before the first publication of the sale notice in a non-judicial foreclosure?
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In a non-judicial foreclosure process, who typically executes the power given to the lender to sell the property?
In a non-judicial foreclosure process, who typically executes the power given to the lender to sell the property?
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What is the consequence if the deed of trust or mortgage power-of-sale clause does not specify the time, place, and terms of sale?
What is the consequence if the deed of trust or mortgage power-of-sale clause does not specify the time, place, and terms of sale?
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Which of the following statements about non-judicial foreclosure notices is true?
Which of the following statements about non-judicial foreclosure notices is true?
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What typically follows a court's declaration of judicial foreclosure?
What typically follows a court's declaration of judicial foreclosure?
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Study Notes
Foreclosure in Wyoming
- Lenders in Wyoming can pursue foreclosure on deeds of trusts or mortgages in default through either judicial or non-judicial processes.
- Judicial foreclosure involves filing a lawsuit to obtain a court order to authorize the foreclosure, typically employed when no "power of sale" clause is present in the mortgage or deed of trust. After a court declaration of foreclosure, the property is typically auctioned to the highest bidder.
- Non-judicial foreclosure occurs when a "power-of-sale" clause exists in the mortgage or deed of trust. This clause pre-authorizes the sale of the property to cover the outstanding loan balance in case of default. The lender or their representative (often termed the trustee) can execute the power of sale.
Power of Sale Foreclosure Guidelines
- If a power-of-sale clause is present, the lender must follow the specified sale procedure outlined in the deed of trust or mortgage.
- Notice of Intent to Foreclose: Written notice of intent to foreclose must be delivered by certified mail to the property owner and person in possession at least 10 days before the first publication of the sale notice. The notice must be published for four consecutive weeks in a local newspaper, or if none exists, in a state-wide paper with local circulation. The notice must contain details like the borrower's name, lender, date of mortgage, default amount, property description, and sale time and location.
- Sale Process: The sale takes place at the courthouse front entrance between 9:00 am and 5:00 pm. The sale is conducted by the designated individual in the mortgage, the sheriff, or a deputy sheriff. Anyone can bid, including the lender. The highest bidder receives a certificate of purchase. Postponements are permitted with proper public notice.
- Redemption Period: The borrower has three months from the sale date to redeem the property by paying the full purchase price or the bid amount (if purchased by the lender or mortgage holder), plus a 10% interest from the sale date, assessments, taxes, and any prior lien payments made by the purchaser with interest.
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Description
This quiz explores the different foreclosure processes available in Wyoming, including judicial and non-judicial foreclosures. Understand the legal frameworks, especially the power-of-sale clause, and the steps involved in each process. Test your knowledge on how lenders can execute foreclosures in the state.
