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Home Mortgage Rates in Wyoming

Grand Teton National Park.

Wyoming is one of the fastest growing states in the United States. As a result, there has been an increased demand for home loan products. These home loan products are regulated by a set of mortgage and foreclosure laws that are similar to laws found in other states in the western United States.

However, Wyoming's mortgage and foreclosure procedures are still worth a close study because they can help us understand how mortgage and foreclosure laws in other western US states work. To do this study well, it is advantageous to first learn something about Wyoming's home values and population trends.

Devils Tower.

Wyoming Real Estate

Metropolitan Area

WY Rank US Rank Metropolitan Area 2016 Pop 2010 Pop Change % △
1 52 Grand Rapids-Wyoming, MI Metro Area 1,047,099 988,938 58,161 5.88%
2 388 Cheyenne 98,136 91,738 6,398 6.97%
3 442 Casper 81,039 75,450 5,589 7.41%
4 601 Gillette 48,803 46,133 2,670 5.79%
5 653 Rock Springs 44,165 43,806 359 0.82%
6 692 Riverton 40,242 40,123 119 0.30%
7 719 Laramie 38,256 36,299 1,957 5.39%
8 772 Jackson, WY-ID Micro Area 34,151 31,464 2,687 8.54%
9 816 Sheridan 30,200 29,116 1,084 3.72%
10 901 Evanston 20,773 21,118 -345 -1.63%

Property Prices

As a general rule, Wyoming's median home values tend to be significantly higher than the 4th quarter 2009 US median home price of $179,900.

To demonstrate this point, here are the January 2010 median home values from lowest to highest for a single-family home in four of Wyoming's major cities:

  • Laramie ($158,000)
  • Casper ($192,000)
  • Buffalo ($215,000)
  • Cheyenne ($215,900).

Downtown Chyenne Skyline.

The reason for these significantly higher than average prices is straightforward. As a general rule, there is more demand for good housing than supply. With the exception of Laramie, many cities in Wyoming are having problems keeping up with the demand for housing from new residents who have moved into the state. This has caused home values in general statewide to increase to much higher levels than the national median price. As a result, many home buyers must pay more for their housing than other rural states in the western United States.

Wyoming's Population Trends

Here are the three largest cities in Wyoming from biggest in size to smallest in size:

  • Cheyenne (53,011)
  • Casper (49,644)
  • Laramie (27,664). (Population data contained anywhere in this article are by courtesy of the 2000 US Census.)

Downtown Laramie.

These cities are the largest cities in the state because they have a well-established population base, a well-established job base and a stable economy that is supported by government spending.

Here is information about the three fastest growing cities in Wyoming:

  • Gillette (26,781). Gillette is growing very quickly because their vast deposits of natural resources have provided many good job opportunities for residents and people who live in nearby states. Furthermore, Gillette also offers residents lower property taxes and more usable land for building houses with.
  • Casper (49,644). Casper is one of the fastest growing states in Wyoming because they have made gains in their tourism and hospitality industries. Furthermore, many newcomers from surrounding states are moving into the area to purchase take advantage of lower property taxes and good schools.
  • Cheyenne (53,011). Wyoming's state capital has enjoyed a population boom because it's very stable job base has seen steady growth over the past few years. Much of this job growth can be attributed to an increase in the production of the state's natural resources and government spending.

Wyoming Census Data

According to the United States Census an estimated 585,501 people live in the state of Wyoming. The state has 97,093.14 mi² of land area, which gave it a population density of 6.03 per mi². Here is a list of cities, towns & Census Designated Places across the state, with their estimated population as of June 2016 & the 2010 United States Census. For towns with fewer than 5,000 residents & Census Designated Places (CDP) where there was no population estimate available for 2016, the 2011-2015 American Community Survey 5-Year Estimates data was used.

All table columns are sortable. Click on the column headers to sort by that column. Click again to sort low to high. Cities with higher levels of population growth typically see the increased demand drive faster real estate price appreciation.

Rank Geography County 2016 Pop 2010 Pop Change % △ Land mi² Pop Den mi²
1 Cheyenne Laramie 64,019 59,466 4,553 7.66% 24.52 2,610.89
2 Casper Natrona 59,324 55,316 4,008 7.25% 26.9 2,205.35
3 Gillette Campbell 32,398 29,087 3,311 11.38% 18.97 1,707.85
4 Laramie Albany 32,382 30,816 1,566 5.08% 17.74 1,825.37
5 Rock Springs Sweetwater 23,755 23,036 719 3.12% 19.34 1,228.28
6 Sheridan Sheridan 17,954 17,444 510 2.92% 10.93 1,642.63
7 Green River Sweetwater 12,305 12,515 -210 -1.68% 13.72 896.87
8 Evanston Uinta 12,090 12,359 -269 -2.18% 10.27 1,177.22
9 Riverton Fremont 10,997 10,615 382 3.60% 9.86 1,115.31
10 Jackson Teton 10,529 9,577 952 9.94% 2.91 3,618.21
11 Cody Park 9,836 9,520 316 3.32% 10.2 964.31
12 Rawlins Carbon 9,075 9,259 -184 -1.99% 8.24 1,101.33
13 Lander Fremont 7,665 7,487 178 2.38% 4.66 1,644.85
14 Torrington Goshen 6,715 6,501 214 3.29% 4.62 1,453.46
15 Douglas Converse 6,541 6,120 421 6.88% 4.58 1,428.17
16 Powell Park 6,407 6,314 93 1.47% 4.24 1,511.08
Ranchettes CDP Laramie 6,138 5,798 340 5.86% 49.19 124.78
17 Worland Washakie 5,316 5,487 -171 -3.12% 4.56 1,165.79
18 Buffalo Johnson 4,590 4,585 5 0.11% 4.46 1,029.15
South Greeley CDP Laramie 4,478 4,217 261 6.19% 1.66 2,697.59
Fox Farm-College CDP Laramie 4,390 3,647 743 20.37% 3.46 1,268.79
19 Mills Natrona 3,813 3,461 352 10.17% 2.15 1,773.49
20 Wheatland Platte 3,606 3,627 -21 -0.58% 4.1 879.51
21 Newcastle Weston 3,535 3,532 3 0.08% 2.55 1,386.27
22 Evansville Natrona 2,953 2,544 409 16.08% 3.54 834.18
23 Thermopolis Hot Springs 2,937 3,009 -72 -2.39% 2.38 1,234.03
24 Bar Nunn Natrona 2,785 2,213 572 25.85% 2.1 1,326.19
25 Kemmerer Lincoln 2,771 2,656 115 4.33% 7.8 355.26
Warren AFB CDP Laramie 2,634 3,072 -438 -14.26% 4.99 527.86
26 Glenrock Converse 2,595 2,576 19 0.74% 2.28 1,138.16
27 Lovell Big Horn 2,421 2,360 61 2.58% 1.1 2,200.91
North Rock Springs CDP Sweetwater 2,107 2,207 -100 -4.53% 14.75 142.85
28 Lyman Uinta 2,072 2,115 -43 -2.03% 1.71 1,211.70
29 Afton Lincoln 1,995 1,911 84 4.40% 4.18 477.27
30 Pinedale Sublette 1,895 2,030 -135 -6.65% 2.15 881.40
31 Greybull Big Horn 1,872 1,847 25 1.35% 1.81 1,034.25
Fort Washakie CDP Fremont 1,861 1,759 102 5.80% 20.9 89.04
Moose Wilson Road CDP Teton 1,836 1,821 15 0.82% 6.71 273.62
32 Wright Campbell 1,834 1,807 27 1.49% 2.85 643.51
33 Saratoga Carbon 1,686 1,690 -4 -0.24% 3.4 495.88
South Park CDP Teton 1,681 1,731 -50 -2.89% 11.44 146.94
Ethete CDP Fremont 1,678 1,553 125 8.05% 32.51 51.61
Wilson CDP Teton 1,645 1,482 163 11.00% 22.96 71.65
34 Lusk Niobrara 1,599 1,567 32 2.04% 2.07 772.46
Arapahoe CDP Fremont 1,572 1,656 -84 -5.07% 27.65 56.85
35 Star Valley Ranch Lincoln 1,570 1,503 67 4.46% 2.7 581.48
Rafter J Ranch CDP Teton 1,535 1,075 460 42.79% 0.65 2,361.54
Antelope Valley-Crestview CDP Campbell 1,529 1,658 -129 -7.78% 4.91 311.41
36 Basin Big Horn 1,300 1,285 15 1.17% 2.4 541.67
37 Mountain View Uinta 1,287 1,286 1 0.08% 0.84 1,532.14
38 Sundance Crook 1,279 1,182 97 8.21% 3.05 419.34
Hoback CDP Teton 1,274 1,176 98 8.33% 43.46 29.31
Sleepy Hollow CDP Campbell 1,245 1,308 -63 -4.82% 0.42 2,964.29
39 Guernsey Platte 1,171 1,147 24 2.09% 1.02 1,148.04
40 Pine Bluffs Laramie 1,152 1,129 23 2.04% 3.22 357.76
41 Upton Weston 1,106 1,100 6 0.55% 2.96 373.65
42 Marbleton Sublette 1,069 1,094 -25 -2.29% 0.86 1,243.02
43 Moorcroft Crook 1,063 1,009 54 5.35% 1.26 843.65
Clearview Acres CDP Sweetwater 1,038 795 243 30.57% 1.21 857.85
44 Dubois Fremont 985 971 14 1.44% 3.42 288.01
Story CDP Sheridan 954 828 126 15.22% 7.13 133.80
45 Ranchester Sheridan 944 855 89 10.41% 0.61 1,547.54
Vista West CDP Natrona 929 951 -22 -2.31% 4.83 192.34
46 Alpine Lincoln 865 828 37 4.47% 0.7 1,235.71
Purple Sage CDP Sweetwater 853 535 318 59.44% 0.33 2,584.85
47 Dayton Sheridan 822 757 65 8.59% 0.53 1,550.94
48 Hanna Carbon 812 841 -29 -3.45% 2.04 398.04
Hartrandt CDP Natrona 764 693 71 10.25% 1.56 489.74
49 Cowley Big Horn 745 655 90 13.74% 0.84 886.90
50 Diamondville Lincoln 743 737 6 0.81% 1.17 635.04
Lucerne CDP Hot Springs 680 535 145 27.10% 19.9 34.17
Nordic CDP Lincoln 664 602 62 10.30% 5.05 131.49
51 Shoshoni Fremont 644 649 -5 -0.77% 3.58 179.89
52 Byron Big Horn 614 593 21 3.54% 0.91 674.73
Reliance CDP Sweetwater 587 714 -127 -17.79% 4.12 142.48
James Town CDP Sweetwater 576 536 40 7.46% 3.16 182.28
Red Butte CDP Natrona 574 449 125 27.84% 0.43 1,334.88
53 La Barge Lincoln 558 551 7 1.27% 0.97 575.26
54 Cokeville Lincoln 547 535 12 2.24% 1.18 463.56
55 Pine Haven Crook 526 490 36 7.35% 1.31 401.53
56 Big Piney Sublette 521 552 -31 -5.62% 0.45 1,157.78
57 Bear River Uinta 517 518 -1 -0.19% 1.9 272.11
Alta CDP Teton 511 394 117 29.70% 8.33 61.34
58 Wamsutter Sweetwater 484 451 33 7.32% 1.45 333.79
Urie CDP Uinta 462 262 200 76.34% 1.78 259.55
59 Lingle Goshen 459 468 -9 -1.92% 0.31 1,480.65
60 Hudson Fremont 454 458 -4 -0.87% 0.43 1,055.81
61 La Grange Goshen 451 448 3 0.67% 0.41 1,100.00
62 Encampment Carbon 442 450 -8 -1.78% 1.6 276.25
63 Rolling Hills Converse 439 440 -1 -0.23% 0.66 665.15
64 Baggs Carbon 430 440 -10 -2.27% 0.51 843.14
Big Horn CDP Sheridan 427 490 -63 -12.86% 1.81 235.91
Farson CDP Sweetwater 425 313 112 35.78% 23.94 17.75
Freedom CDP Lincoln 416 214 202 94.39% 4.02 103.48
65 Sinclair Carbon 415 433 -18 -4.16% 2.43 170.78
66 Hulett Crook 409 383 26 6.79% 0.87 470.11
Boulder Flats CDP Fremont 407 408 -1 -0.25% 18.18 22.39
67 Midwest Natrona 400 404 -4 -0.99% 0.43 930.23
Fairview CDP Lincoln 387 275 112 40.73% 2.74 141.24
Casper Mountain CDP Natrona 373 401 -28 -6.98% 10.36 36.00
68 Thayne Lincoln 367 366 1 0.27% 1.39 264.03
Chugcreek CDP Platte 356 156 200 128.21% 1.89 188.36
69 Burlington Big Horn 344 288 56 19.44% 1.01 340.59
Ralston CDP Park 339 280 59 21.07% 5.65 60.00
Osage CDP Weston 332 208 124 59.62% 1.94 171.13
70 Meeteetse Park 327 327 0 0.00% 0.87 375.86
71 Superior Sweetwater 317 336 -19 -5.65% 1.09 290.83
Daniel CDP Sublette 308 150 158 105.33% 5.08 60.63
Johnstown CDP Fremont 306 242 64 26.45% 31.54 9.70
72 Burns Laramie 305 301 4 1.33% 3.05 100.00
Osmond CDP Lincoln 295 397 -102 -25.69% 3.23 91.33
Homa Hills CDP Natrona 281 278 3 1.08% 9.12 30.81
Smoot CDP Lincoln 278 195 83 42.56% 1.74 159.77
Grover CDP Lincoln 273 147 126 85.71% 0.86 317.44
Carpenter CDP Laramie 271 94 177 188.30% 0.24 1,129.17
73 Medicine Bow  Carbon 270 284 -14 -4.93% 3.46 78.03
74 Kaycee Johnson 263 263 0 0.00% 0.4 657.50
Etna CDP Lincoln 259 164 95 57.93% 1.97 131.47
75 Ten Sleep Washakie 250 260 -10 -3.85% 0.18 1,388.89
Fort Bridger CDP Uinta 249 345 -96 -27.83% 1.99 125.13
76 East Thermopolis Hot Springs 244 254 -10 -3.94% 0.18 1,355.56
77 Rock River Albany 244 245 -1 -0.41% 2.33 104.72
78 Pavillion Fremont 236 231 5 2.16% 0.21 1,123.81
Eden CDP Sweetwater 232 281 -49 -17.44% 13.48 17.21
79 Fort Laramie Goshen 222 230 -8 -3.48% 0.27 822.22
Alpine Northwest CDP Lincoln 220 244 -24 -9.84% 1.43 153.85
80 Chugwater Platte 212 212 0 0.00% 3.06 69.28
81 Glendo Platte 203 205 -2 -0.98% 0.53 383.02
82 Albin Laramie 201 181 20 11.05% 0.15 1,340.00
83 Edgerton Natrona 197 195 2 1.03% 0.25 788.00
84 Elk Mountain Carbon 196 191 5 2.62% 0.28 700.00
Brookhurst CDP Natrona 195 185 10 5.41% 0.63 309.52
Parkman CDP Sheridan 194 151 43 28.48% 9.59 20.23
85 Deaver Big Horn 186 178 8 4.49% 1.01 184.16
Centennial CDP Albany 180 270 -90 -33.33% 16.3 11.04
Bessemer Bend CDP Natrona 166 199 -33 -16.58% 1.57 105.73
86 Frannie Big Horn & Park 161 157 4 2.55% 0.44 365.91
Teton Village CDP Teton 161 330 -169 -51.21% 4.96 32.46
87 Yoder Goshen 159 151 8 5.30% 0.21 757.14
Meadow Acres CDP Natrona 153 198 -45 -22.73% 1.4 109.29
88 Clearmont Sheridan 149 142 7 4.93% 0.16 931.25
Robertson CDP Uinta 139 97 42 43.30% 3.11 44.69
89 Granger Sweetwater 137 139 -2 -1.44% 2.53 54.15
Whiting CDP Platte 135 83 52 62.65% 1.16 116.38
Turnerville CDP Lincoln 134 192 -58 -30.21% 4.91 27.29
Auburn CDP Lincoln 128 328 -200 -60.98% 2.15 59.53
Y-O Ranch CDP Platte 124 195 -71 -36.41% 2.4 51.67
90 Manderson Big Horn 118 114 4 3.51% 0.85 138.82
Hillsdale CDP Laramie 116 47 69 146.81% 0.84 138.10
Mammoth CDP Park 108 263 -155 -58.94% 0.79 136.71
Garland CDP Park 106 115 -9 -7.83% 3.39 31.27
91 Opal Lincoln 105 96 9 9.38% 0.39 269.23
92 Bairoil Sweetwater 104 106 -2 -1.89% 1.41 73.76
Mountain View CDP Natrona 103 96 7 7.29% 3.8 27.11
Crowheart CDP Fremont 102 141 -39 -27.66% 31.45 3.24
93 Dixon Carbon 95 97 -2 -2.06% 0.13 730.77
94 Manville Niobrara 93 95 -2 -2.11% 0.27 344.44
95 Kirby Hot Springs 91 92 -1 -1.09% 0.15 606.67
Hill View Heights CDP Weston 84 170 -86 -50.59% 2.21 38.01
Slater CDP Platte 83 80 3 3.75% 74.01 1.12
Point of Rocks CDP Sweetwater 81 3 78 2600.00% 1.8 45.00
Beulah CDP Crook 77 73 4 5.48% 0.55 140.00
Little America CDP Sweetwater 74 68 6 8.82% 2.71 27.31
Shell CDP Big Horn 69 83 -14 -16.87% 1.14 60.53
96 Hartville Platte 61 62 -1 -1.61% 0.25 244.00
Taylor CDP Lincoln 61 90 -29 -32.22% 2.59 23.55
97 Riverside Carbon 55 52 3 5.77% 0.27 203.70
Esterbrook CDP Converse 54 52 2 3.85% 3.37 16.02
Arrowhead Springs CDP Sweetwater 49 63 -14 -22.22% 1.15 42.61
Lakeview North CDP Platte 48 84 -36 -42.86% 0.86 55.81
Westview Circle CDP Platte 45 52 -7 -13.46% 2.3 19.57
Hyattville CDP Big Horn 44 75 -31 -41.33% 4.1 10.73
Orin CDP Converse 44 46 -2 -4.35% 1.02 43.14
Woods Landing-Jelm CDP Albany 43 97 -54 -55.67% 16.7 2.57
Albany CDP Albany 41 55 -14 -25.45% 10.99 3.73
Bedford CDP Lincoln 38 201 -163 -81.09% 1.29 29.46
Washam CDP Sweetwater 38 51 -13 -25.49% 3.13 12.14
Arvada CDP Sheridan 36 43 -7 -16.28% 1.75 20.57
Kelly CDP Teton 36 138 -102 -73.91% 0.48 75.00
Veteran CDP Goshen 35 23 12 52.17% 1.34 26.12
Arlington CDP Carbon 33 25 8 32.00% 4.05 8.15
Lance Creek CDP Niobrara 27 43 -16 -37.21% 41.95 0.64
Hawk Springs CDP Goshen 26 45 -19 -42.22% 1.7 15.29
98 Van Tassell Niobrara 15 15 0 0.00% 1.83 8.20
Atlantic City CDP Fremont 15 37 -22 -59.46% 7.8 1.92
Alpine Northeast CDP Lincoln 11 196 -185 -94.39% 5.03 2.19
99 Lost Springs Converse 4 4 0 0.00% 0.09 44.44

Annual Estimates of the Resident Population: April 1, 2010 to July 1, 2016
Source: U.S. Census Bureau, Population Division
Release Date: May 2017.

Wyoming Mortgage Types

As of 2017 the conforming loan limit across the United States is set to $424,100, with a ceiling of 150% that amount in areas where median home values are higher. Local affordability makes the $424,100 ceiling apply across most the state for single unit homes. Dual unit homes have a limit of $543,000, triple unit homes have a limit of $656,350 & quadruple unit homes have a limit of $815,650. People buying properties in the Jackson areas have higher conforming mortgage thresholds.

County Metropolitan Designation 1 Unit Limit 2 Unit Limit 3 Unit Limit 4 Unit Limit
Teton Jackson, Wy-Id $636,150 $814,500 $984,525 $1,223,475

Home buyers who are borrowing more than the above amounts will likely need to obtain a jumbo mortgage. Jumbo loans typically have a slightly higher rate of interest than conforming mortgages, though spreads vary based on credit market conditions.

Here are the most common types of home loans that are offered to Wyoming homebuyers:

  • ARM's that mature in 1, 3 or 5 years,
  • fixed rate mortgage loans that mature in 15 or 30 years,
  • jumbo loans,
  • 2nd mortgages
  • reverse mortgages,
  • refinance loans,
  • home equity loans.

USDA loans can help people with low incomes in rural parts of the state qualify for a subsidized low-interest loan.

Each of these loans is recognized in Wyoming as either a mortgage or a deed of trust. This is the case because Wyoming's laws that govern the home loan industry give lenders and borrowers the right to choose which legal instrument should be used to govern the terms of the loan.

Furthermore, Wyoming's home loans also have full recourse privileges. As a result, borrowers may seek a deficiency judgment against a borrower for any difference between the foreclosed sale price and the original loan amount.

In addition, many of these instruments feature a power of sale clause. These clauses allow sellers to quickly foreclose on a borrower who defaults on his loan. As a result, they play an important role in the foreclosure process in Wyoming.

Natural Disasters

Earthquakes

Most of Wyoming has a very low to low earthquake risk. The western edge of the state and the northwest corner have a high to very high earthquake risk. Here are county-by-county risks for counties with a risk profile above very low.

  • low earthquake risk: Campbell, Carbon, Converse, Fremont, Hot Springs, Johnson, Natrona, Sweetwater, Washakie
  • high earthquake risk: Sublette
  • very high earthquake risk: Lincoln, Park, Teton

Standard rental and homeowner insurance policies typically do not cover earthquake damage, though they usually cover losses caused by fires which resulted from an earthquake. You can supplement your homeowner's insurance with an earthquake policy.

Flood Insurance

Homeowner's insurance policies typically do not cover flooding. Most of the state of Wyoming is considered to have a very low flooding risk. The following counties have a low flooding risk: Lincoln & Uinta. Natrona county has a moderate flooding risk.

Home buyers with mortgages in high-risk areas are required to buy flood insurance. Most flood insurance policies are sold by the United States federal government through The National Flood Insurance Program. Under-priced flood insurance in high-risk areas act as a subsidy to wealthy homeowners.

The NFIP does not charge nearly enough to cover the expected costs of its liabilities. The assessments are not sufficient to build any buffer to cover an extraordinary year, such as what occurred with Hurricane Katrina in 2005 or Hurricane Sandy in 2012. Because homeowners don€™t incur the full cost of building in a flood zone we end up with more houses there than if homeowners incurred the full cost of the flood risk, which exacerbates the government€™s costs in the next disaster.

Homeowners who live in lower risk areas & are not required to purchase flood insurance heavily cross-subsidize homeowners who are in areas where floods are more common.

Hail

Hail damage is common across the eastern half of the state. Damage from hail is typically covered by home insurance policies.

Wyoming's Foreclosure Procedures

Wyoming State Capitol Building in Cheyenne.

Wyoming recognizes both judicial and non-judicial foreclosures. Non-judicial foreclosures happen more often because most mortgages and deeds of trust contain a power of sale clause that allows sellers to quickly foreclose on a borrower who defaults on his loan.

Wyoming also permits borrowers to redeem their properties. The redemption process varies depending on which foreclosure procedure is followed.

  • If a non-judicial procedure is used, the borrower has 90 days from the date of the first missed payment to try to redeem his foreclosed property.
  • if a judicial procedure is used, the debtor has one calendar year from the date of the foreclosure notice to redeem the property.

As a result, most lenders put a power of sale clause into their loan contracts so that they can invoke the non-judicial closure procedure on the home. Therefore, it is important to know how the non-judicial foreclosure procedure works in Wyoming. Here is how the non-judicial foreclosure procedure works in Wyoming.

  1. A power of sale clause must be first found and verified in the language of the loan contract.
  2. If it is, then a non-judicial foreclosure procedure may be invoked to collect money that is due to the lender.
  3. This procedure may happen in one of two ways:
    • If the loan contract includes a specific procedure to sell the home, that procedure must be followed to sell the home.
    • If there is no such procedure included in the loan contract, then proceed to step 4.
  4. First, a notice of "Intent to Foreclose" must be sent to the borrower at least 10 days before the public can be notified of the sale.
  5. After the notice has been sent to the borrower, a sales notice must be published in a local newspaper that is published in the county where the house resides.
  6. This notice must be published at least once a week for at least four (4) consecutive weeks in the same local newspaper.
  7. The notice must include essential information about the sale. This information often includes:
    • The name of the borrower.
    • The name of the lender or its representative.
    • The amount of the loan.
    • A general description of the property.
    • The time and place of the sale.
  8. The sale must be conducted between the hours of 9 AM and 5 PM by someone who is appointed by the court handling the proceedings. This sale usually takes place in front of the county courthouse. However, the sale may be conducted anywhere that is prescribed by the court.
  9. There are no minimum bids needed to win the property.
  10. The highest bid wins the right to obtain the house once all of the redemption and deficiency issues have been taken care of.
  11. The borrower is on the hook for any difference between the auction price and the amount that was originally borrowed.
  12. At any time, during the foreclosure proceedings, the borrower may try to redeem the property. In order to do this the borrower must do the following:
    • Pay the winner of the auction the full amount that was paid at the auction.
    • Pay 10% interest to the buyer. And,
    • Pay any other costs that were associated with purchasing the home at the auction to the buyer.
  13. Furthermore, the auction can be postponed by any interested party. The party must pay for the ad in the same paper that published the original ad for the auction.

Finally, there are some instances where a judicial foreclosure can take place. These foreclosures take place only of if a power of sale clause is absent in a loan instrument. If this is the case, here is what the lender must do to foreclose on a property:

  1. The lender must first obtain a court order to foreclose on the property.
  2. If the court agrees, the court will issue a formal foreclosure notice to the borrower.
  3. When the foreclosure notice is given to the borrower, he is also given a mandatory 7-30 day period to catch up on any missed payments.
  4. If the debtor cannot pay enough to catch up, the court will order a sale that generally follows the same procedure as a non-judicial foreclosure.
  5. The only difference is now the debtor has up to one full calendar year from the date of the sale to redeem his property.

As a result, be sure to check to see if a power of sale clause was included in a mortgage or deed of sale contract before attempting to buy a foreclosed property in Wyoming.

 

Old Barn.