Wyoming foreclosure right of redemption laws can help you get your home back if you have been foreclosed upon in the past year and now have money to make good on your mortgage. Redemption rights laws are complicated and vary from state to state. The right of redemption is the ability for a home owner of a foreclosed property to reclaim the property after the foreclosure.
Wyoming Foreclosure Rights
When a home owner loses his home to foreclosure and receives a windfall (i.e. large sum of money) within an allowable time period and subsequently exercises his rights by reasserting ownership of his home, he has exercised his right to redemption. The price he must pay may include foreclosure fees, legal costs, and other expenses incurred by the lender. These fees must be paid all at once. When a new buyer purchases a foreclosed property and a right of redemption exists, the new owner may ask the foreclosed owner to purchase the redemption rights for a fee.
Wyoming foreclosure process is started with a complaint requesting a foreclosure of the mortgage and a deficiency judgment on the note. Judgment is entered and notice of sale is given along with the time, place, and location of sale after proper notification has been provided and time period for response have lapsed. A Wyoming notice of sale will be published in a local newspaper.
Wyoming has a statutory right of redemption for judicial foreclosures after the property is sold in a foreclosure sale. This right of redemption in Wyoming allows a party whose property has been foreclosed upon to reclaim it within three months after the sale by making payment in full of the sum of the unpaid loan along with ten percent interest.
Foreclosure is a scary prospect for most people. It can feel overwhelming and lonely to go through the loss of a home as with any other loss. Getting legal advice about your situation is a wise way to deal with it and make sure you are doing everything possible to protect your home.
Getting Legal Advice
If you are facing a Wyoming foreclosure, talk to an attorney today about your rights and remedies. People do not always understand all of their options when they are facing financial difficulties. Discuss your unique case with an attorney who can help you better understand what you should be doing to save your home.
