Marcus borrowed $320,000 from a Wyoming lender to purchase a home in Laramie. The lender secured the loan using Wyoming's standard security instrument. Marcus later defaults on the loan. Which statement best describes the foreclosure process the lender will most likely initiate under Wyoming law?
Correct Answer
B) The trustee conducts a non-judicial sale after providing required notice, without court involvement.
Under W.S. 34-4-101 et seq., Wyoming uses deeds of trust as its primary security instrument, which enables non-judicial foreclosure through a trustee's sale. Upon default, the trustee—not a court—conducts the sale after satisfying statutory notice and publication requirements. This process is faster and does not require court involvement.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The secondary mortgage market is where existing mortgage loans are bought and sold between lenders, investors, and government-sponsored enterprises (GSEs) like Fannie Mae, Freddie Mac, and Ginnie Mae.
TILA is a federal law that requires lenders to disclose the true cost of credit to borrowers, including the annual percentage rate (APR), total finance charges, and loan terms. It is implemented by Regulation Z.
A trustee sale is a type of foreclosure where a trustee, appointed under a deed of trust, sells the property at auction to satisfy the debt.
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