Wyoming Servicing Reference Guide
- Kacey Olson
| Citation | Topic | Requirement |
| Property, Conveyances and Security Transactions / Wyo. Stat Ann. §34-2-113(a) | Certificate of Discharge | The cancellation or discharge must be entered in a book kept for that purpose, and signed by the mortgagee or trustee, his attorney-in-fact, executor, administrator or assigns, in the presence of the county clerk or his deputy who must subscribe the same as a witness, and the cancellation or discharge must have the same effect as a deed or release duly acknowledged and recorded. |
| Uniform Consumer Credit Code / Wyo. Stat Ann. § 40-14-408 | Credit Insurance Loan Satisfaction Disclosure | Under Wyoming law the consumer is entitled to a refund of unearned credit insurance premiums upon full prepayment of a loan. |
Distribution of Proceeds of Sale | (b) If there are sale proceeds in excess of the amount necessary to pay the foreclosing mortgagee, judgment creditor or other lienor in full, then within ten (10) business days following the sale of real estate by foreclosure, the foreclosing mortgagee or lienholder shall serve a copy of the sale results to the record owner of the mortgaged premises and all holders of recorded mortgages and liens subordinate to the mortgage or lien being foreclosed. (a) After any sale of real estate made as herein prescribed, proceeds from the sale shall be paid over by the officer or other person making the sale in the following order: (i) Payment of the reasonable expenses of collection and enforcement and, to the extent provided by law, reasonable attorney's fees and legal expenses incurred by the foreclosing mortgagee; (ii) The satisfaction of obligations secured by the mortgage being foreclosed; (iii) The satisfaction of obligations secured by any subordinate or junior mortgage or other lien on the real estate sold at the foreclosure sale; and (iv) Surplus proceeds on demand to the mortgagor, his legal representatives or assigns, and if no demand is made, then the foreclosing mortgagee, officer or other person making sale may retain the surplus proceeds for disposition to the mortgagor or may dispose of the surplus proceeds in accordance with W.S. 34-24-101 et seq. | |
| WY Uniform Consumer Credit Code | Wyo. Stat. Ann. §40-14-312(a) | Late Payment Fees | (a) With respect to a consumer loan, refinancing, or consolidation, the parties may contract for a delinquency charge on any installment not paid in full within ten (10) days after its scheduled due date in an amount not exceeding the greater of: (i) Five percent (5%) of the unpaid amount of the installment; or (ii) Ten dollars ($10.00). |
| Uniform Consumer Credit Code / Wyo. Stat Ann. §40-14-339 | Revolving Loan Amount - Change in Terms | Issued if there is a change in loan terms, required 3 times, first notice at least 6 months before change. |
| Code of Civil Procedure / Wyo. Stat Ann. §1-1-115 | Non-Sufficient Funds Fees | NSF Fees are limited to $30 maximum. |
| Wyo. Stat. Ann. §34-4-104(a) | Notice of Sale - Non-Judicial | Prior to first date of publication, a copy of the notice shall be served by certified mail with return receipt requested upon the record owner, the person in possession of mortgaged premises, if different than the record owner, and all holders of recorded mortgages and liens subordinate to the mortgage being foreclosed, which appear of record at least twenty-five (25) days before the scheduled foreclosure sale. |
| Property, Conveyances and Security Transactions / Wyo. Stat Ann. §34-1-132 | Release of Lien | The servicer must within 30 days after having received by certified or registered mail a request in writing for the discharge or release of a mortgage, execute and acknowledge a certificate or deed of discharge or release of the mortgage if there has been full performance of the condition of the mortgage and if there is no other written agreement between the mortgagee and mortgagor encumbering the property subject to the mortgage. The state provides specific language for this certificate, see WY Stat. Ann. 34-1-113. |
| Lien Laws / Wyo. Stat Ann. §29-1-401 | Foreclosure Complaint | All actions to foreclose a lien must be commenced by filing a complaint in either the district court or, in the circuit court, in any county in which the property subject to the lien is located. |
| Lien Laws / Wyo. Stat Ann. §29-1-312 | Lien Statement & Notice | Notice must be sent by the lien claimant to the last record owner or his agent in the case of a real property lien within 10 days after the lien statement is filed. |
| Lien Laws / Wyo. Stat Ann. §29-1-313 | Notice of Satisfaction | Whenever any debt which is secured by a lien is paid and satisfied, the lien claimant must file notice of satisfaction of the lien in the office of the county clerk of any county in which the lien is filed and the lien claimant must send the record owner a copy of the notice of satisfaction within 5 days. |
| Property, Conveyances and Security Transactions / Wyo. Stat Ann. §34-4-103 | Notice of Intent to Foreclose | A written Notice of Intent to Foreclose a mortgage by advertisement and sale must be provided at least 10 days prior to commencing publication of a Notice of Sale. The notice must be served upon the record owner, and the person in possession of the mortgaged premises if different than the record owner, by certified mail with return receipt, mailed to the last known address of the record owner and the person in possession. Proof of compliance with the above requirements must be by affidavit. |
| Property, Conveyances and Security Transactions / Wyo. Stat Ann. §34-4-105(a) | Notice of Sale (Non-Judicial) | The Notice of Sale must be published at least once a week for 4 consecutive weeks in a newspaper printed in the county where the premises are situated. If no newspaper is printed in the county, then the notice must be published in a paper printed in the state and of general circulation in that county. Prior to the first date of publication, a copy of the Notice of Sale must be served by certified mail with return receipt requested upon the following persons who appear on record at least 25 days before the scheduled foreclosure sale: (1) the record owner; (2) the person in possession of the mortgaged premises (if different than the record owner); and (3) all holders of recorded mortgages and liens subordinate to the mortgage being foreclosed. The Notice of Sale must be sent to the last known address for the addressee, which must be the address set forth in the mortgage or lien filed of record unless another address has been recorded in the real estate records or has been provided to the foreclosing mortgagee or lienholder. Proof of compliance with requirement must be made by affidavit of an authorized representative of the foreclosing mortgagee or lienholder. |
| Code of Civil Procedure / Wyo. Stat Ann. §1-18-101(a) | Notice of Sale (Judicial) | The time and place of holding the sale must be previously advertised for 4 consecutive weeks in a legal newspaper of general circulation in the county where the lands and tenements are situated. The notice must state the names of the plaintiff and defendant in the action, and the time and place of sale. In all notices, the property to be sold must be described with reasonable certainty by appropriate description. The notice must state “The property being foreclosed upon may be subject to other liens and encumbrances that will not be extinguished at the sale and any prospective purchaser should research the status of title before submitting a bid." |