When looking for information about foreclosures, keep in mind that every state has its own set of laws that must be complied with. What is true in one state may be different in another. If you don’t plan to hire a lawyer, or simply want to find out first-hand what the law is in your state, the best place to look is in your state’s statutes.
Below is a guide to finding Wyoming’s foreclosure statutes online, followed by a summary of Wyoming foreclosure law.
Finding Wyoming’s Foreclosure Laws
The citation to Wyoming’s foreclosure law is Wyoming Statutes Annotated Sections 1-18-101 to 1-18-115 and 34-4-101 to 34-4-113. Judicial foreclosures are covered in Sections 1-18-101 to 1-18-115, while nonjudicial foreclosures are addressed in Sections 34-4-101 to 34-4-113.
Take the following steps to find these statutes online:
- Start at the website of the Legislature of the State of Wyoming: http://legisweb.state.wy.us.
- Click “State Statutes and Constitution” in the menu on the left of the screen.
- Click “Wyoming Statutes Annotated.”
- Click the folder icon next to “Wyoming Code” in the menu on the left of the screen.
- Click “Title 1 Code of Civil Procedure."
- Click “Chapter 18 Sale and Redemption of Realty Sold Under Mortgage or Execution.”
You should see a list of the sections in Chapter 18, with headings summarizing what is covered in each section.
To find the statutes covering nonjudicial foreclosures, follow steps 1 through 4 above, click “Title 34 Property, Conveyances and Security Transactions,” then click “Chapter 4 Foreclosure of Mortgages and Power of Sale.”
Nonjudicial Foreclosure
In Wyoming, lenders may foreclose judicially by suing the borrower in court or nonjudicially by exercising their power of sale contained in the deed of trust. As a general rule, when given the option between foreclosing in or out of court, lenders will avoid the expense of a lawsuit and foreclose outside of court. This is true in Wyoming, where nonjudicial foreclosures are the norm. Read on for a summary of Wyoming’s laws governing nonjudicial foreclosures.
Notice Requirements
A foreclosing lender must give two foreclosure notices to the defaulting borrower: a notice of intent to foreclose and a notice of sale. The notice of intent to foreclose must be sent to the borrower by certified mail at least ten days before the publication of the notice of sale. Wyo. Stat. Ann. § 34-4-103. The notice of sale must be published once a week for four consecutive weeks in a newspaper published in the county in which the property that the lender is seeking to foreclose is located. Before the start of publication, the notice of sale must also be delivered to the borrower by certified mail. Wyo. Stat. Ann. § 34-4-104.
Redemption Rights
A borrower may redeem their property that was sold in foreclosure by paying to the purchaser of the property the purchase price plus interest and costs. The borrower’s right of redemption expires three months after the date of the foreclosure sale. Wyo. Stat. Ann. § 1-18-103.
Deficiency Judgments
A borrower is liable to its lender for any deficiency after a foreclosure sale. Wyo. Stat. Ann. § 34-4-113.
