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Wyoming foreclosures are carried out either in court or out of court. The foreclosure process usually takes about two months, not including a redemption period of three months after the foreclosure sale.
|Judicial||Non Judicial||Comment||Process Period||Publish Sale||Redemption Period||Sale/NTS|
|•||•||Non-judicial mostly||60 days||25 days||90-365 days||Sheriff|
In Wyoming, if no power of sale is included in the mortgage, foreclosure is conducted through the court system. Once the court declares a foreclosure, the property is put up for sale. However, when a power-of-sale clause is written into the mortgage, the lender has the right to sell the property without initiating court action to pay off the balance of the loan in the event of default.
In either case, written notice of the intent to foreclose on a property must be delivered to the borrower at least 10 days prior to the first publication of the notice of sale.
The notice of sale must be published in a local newspaper at least once a week for four consecutive weeks.
Foreclosure sales in Wyoming are handled by public auction, with the property going to the highest bidder. All sales are at the front door of the courthouse in the county where the property is located. The sale takes place between 9 a.m. and 5 p.m., and is conducted by the person appointed by the county sheriff. Anyone, including the lender, may bid and the highest bidder receives a certificate of purchase. If the borrower does not redeem the property during the redemption period, the winning bidder receives full ownership.
The borrower has three months after the date of the sale to redeem the property, provided that they pay the amount of the purchase price from the auction plus an interest rate of 10 percent and any taxes due.