Foreclosure Help in Wyoming

The prospect of falling behind in payments and losing your home can be a terrifying prospect. For this reason, you might want to learn a little more about the laws that Wyoming has established to try to protect borrowers.

Getting Notice

Federal law stipulates that borrowers who become delinquent will need to be contacted by the servicer, the person or company renting you the home. They need to do this or try to do it, within 36 days of the delinquency. If you fail to make a second payment, they will have to make another attempt to contact you. If they can get in touch, they will need to discuss the options that you have available. For example, they might discuss an option like a loan modification. This can allow you to change the terms of the loan, to make it easier to pay off. You can learn more about this option here. They are required to provide these items in writing. In most cases, if you haven’t paid the delinquency, or taken any other action within 120 days the foreclosure process can begin.

Foreclosure Process In Wyoming

In most cases, the closure process won’t be overseen by a court. However, there are still several things that the homeowner will need to do. First, they will need to place a notice of sale in the newspaper. They will need to do this for at least four consecutive weeks before the foreclosure sale. In addition, they will need to send the home occupant both an intent to foreclose and a notice of sale before they can foreclose the property.

Repurchasing The Home

You will have the option to repurchase the home, called redeeming the property. However, this only lasts for a limited period of time, starting with the date that the property is sold. In most cases, it will be for three months. If it’s an agricultural property, the redemption period can extend for a year. However, this will require you to pay off the rest of your loan, at a 10 percent interest rate. The person who purchased the property can enter the home during this period, to make sure that there are no damages.

Have a specific question about Avoiding Foreclosure in Wyoming? Check out our Foreclosure FAQ’s section.

Deficiency Judgements After The Foreclosure

In some cases, the sale of the property might not cover the debts owed by the former homeowner. If this happens, the lender might be able to take the borrower to court. This will allow them to recover the deficit of the loan. This is the amount still outstanding, after accounting for the sale of the property. Usually, they might take this payment out of the borrower’s paycheck or take the money out of their bank account using a levy.

Seek Help Today

Hopefully, you now have a better understanding of how the foreclosure process works. However, if you still need Wyoming foreclosure help, make sure to get in contact with us today. We’d love to talk about the specifics of your case.