| Homeowners who purchase a property don't always | | | | control of your home. This brings your WY mortgage |
| read the fine print. However, every WY mortgage | | | | current. |
| comes with terms and conditions, as well as local laws | | | | For a full reading of the foreclosure laws that are |
| and jurisdictions that apply to each legal agreement. In | | | | specific to Wyoming, refer to the Wyoming Statutes, |
| order to be in the smartest financial position, you need | | | | Title 34, Chapters 3 and 4. |
| to understand what laws apply to Wyoming | | | | What about Licensing? |
| homeowners and what things are most often | | | | There are also laws in place that regulate the licensing |
| overlooked that can come back to haunt you later. | | | | of the professionals that can deal with your WY |
| Foreclosure Laws | | | | mortgage. This area of Wyoming law is regulated by |
| The first thing that you need to know is that most of | | | | the Division of Banking in the Wyoming Department of |
| the WY mortgage notes written fall under what is | | | | Audit. Beginning in 2005, all loan officers in Wyoming |
| known as title theory. This means that a clause will be | | | | are required to carry a valid Mortgage Broker License. |
| written into the mortgage agreement saying that a | | | | Some exemptions are required, but they shouldn't |
| trust is created for the title of your home. If you default | | | | apply in most situations where you are buying a home |
| on the note, the entity that holds that title regains the | | | | in Wyoming. Testing and financial guarantees of |
| right to do with the property what they see fit. There | | | | solvency can be required, so this is a protection that is |
| are, however, legal requirements in Wyoming to | | | | in place for you, the homeowner. Even loan |
| execute a foreclosure without intervention from a | | | | professionals who are located out of the area will |
| judge. For example, your lender must publish a notice | | | | need proper documentation to legally issue a WY |
| of foreclosure in a public place, such as a newspaper, | | | | mortgage to local residents, so don't be fooled by |
| providing the proper documentation. After a four-week | | | | those who claim otherwise. |
| publishing period, your home may then be sold to the | | | | What About Predatory Lending? |
| highest bigger at auction. Still, this usually doesn't | | | | No one wants to wake up from their dream of owning |
| happen any sooner than ninety days. | | | | a home to the nightmare that is created by predatory |
| If provisions are not in your WY mortgage for the title | | | | lending. Luckily, if this does happen to your WY |
| theory method of foreclosure, they have to follow the | | | | mortgage, there are laws in place to protect you and |
| proper legal channels. You will be officially notified of | | | | provide recourse. All federal programs fighting |
| the proceedings, and it will more difficult for the lender | | | | predatory lending, including those offered under the |
| to evict you. They must wait for the judge's decision | | | | umbrella of the Federal Trade Commission, can be |
| before foreclosure can occur. | | | | utilized by Wyoming residents. In addition, more |
| Whichever type of foreclosure is being attempted | | | | localized laws provide an extra layer of protection |
| against your home, you have rights in Wyoming. In the | | | | against fraud. Wyoming built its predatory lending laws |
| event that you pay the delinquent amount in full within | | | | around the parameters that the FTC uses. Citizens |
| a three month period, plus an extra ten percent of the | | | | can take their own legal action, as well as asking the |
| amount needed from the sale date, you can regain | | | | Attorney General's office to intervene in their behalf. |