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Wyoming Foreclosure Law
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.
Pre-foreclosure Period
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.
Notice of Sale / Auction
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.
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