If you’re in danger of losing your home to a foreclosure in Wyoming, there are certain things you should know about the process. For example, you should know how much notice you'll get before the foreclosure sale, whether you’re able to reinstate the mortgage by catching up on past-due payments before the sale, whether you could be liable for a deficiency, and more.
Read on to find a summary of some of the key points of Wyoming’s foreclosure laws along with citations to the statutes so you can read the law yourself.
The citations to Wyoming’s foreclosure statutes are:
You can find the statutes on the Wyoming state legislature’s website. Statutes change, so checking them is always a good idea. (If you need help finding the statutes, see Finding Your State’s Foreclosure Laws.) How courts and agencies interpret and apply the law can also change. And some rules can even vary within a state. These are just some of the reasons to consider consulting an attorney if you’re facing a foreclosure.
We’ve summarized important parts of Wyoming’s foreclosure laws below.
Wyoming foreclosures are typically nonjudicial, which means the foreclosure takes place outside of court. They can also be judicial, which means the lender files a lawsuit in state court in order to foreclose the house. Because most foreclosures in Wyoming are nonjudicial, this article focuses on that process.
To foreclose a home in Wyoming, the foreclosing party must publish a notice of sale in a newspaper once a week for four consecutive weeks before the sale. (Wyo. Stat. Ann. § 34-4-104). At least ten days before the first publication of the notice of sale, the foreclosing party must send you (the homeowner), by certified mail, a notice of intent to foreclose. (Wyo. Stat. Ann. § 34-4-103).
Also, prior to the first date of publication, the foreclosing lender must send a copy of the notice of sale to you (and various other parties) by certified mail. (Wyo. Stat. Ann. § 34-4-104).
“Reinstating” is when you catch up on your missed payments (plus fees and costs) in order to stop a foreclosure.
Wyoming law doesn't give you the right to reinstate the mortgage before the sale. But even though state law doesn't give a legal right to reinstate, your lender might allow you to pay the money you owe to bring your account current or the terms of your mortgage contract might give you the right to reinstate before the sale.
In some states, you can redeem (repurchase) your home within a certain period of time after the foreclosure. Foreclosed homeowners in Wyoming can redeem the home within:
As of July 1, 2019, Wyoming law gives the purchaser from the foreclosure sale a limited right to inspect the home during the redemption period if the property isn't legally occupied.
When the total mortgage debt exceeds the foreclosure sale price, the difference is called a “deficiency.” Some states allow the lender to seek a personal judgment (called a “deficiency judgment”) against the borrower for this amount, while other states prohibit deficiency judgments with what are called anti-deficiency laws.
There is no anti-deficiency law in Wyoming, which means the lender can recover the deficiency following the foreclosure. (Wyo. Stat. Ann. § 34-4-113 and § 1-18-113.)
Under Wyoming law, you get the right to live in the home until the redemption period expires. If you don’t move out at that time, the purchaser can give notice to quit and then evict you.