A Wyoming lender initiates a non-judicial foreclosure via trustee's sale on a residential property in Cheyenne. Which of the following correctly describes a required step in Wyoming's trustee's sale process under the Trust Deed Act?
Correct Answer
A) The trustee must record a notice of sale and publish it for the required statutory period prior to the sale.
Under W.S. 34-4-101 et seq., Wyoming's non-judicial foreclosure process requires the trustee to record a notice of sale and publish it for the statutorily required period before conducting the trustee's sale. These notice and publication requirements protect the borrower's interests and ensure public awareness of the pending sale, even though no court involvement is required.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Closing costs are the fees and expenses paid by the buyer and seller at the closing of a real estate transaction, beyond the purchase price. They typically range from 2-5% of the purchase price.
A conventional loan is a mortgage that is not insured or guaranteed by a government agency such as the FHA, VA, or USDA. It is originated and funded by private lenders and may be conforming or non-conforming.
The debt-to-income ratio (DTI) compares a borrower's monthly debt obligations to their gross monthly income. It is used by lenders to determine how much mortgage a borrower can afford.
More Financing Questions
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Wisconsin recording fees are paid to the:
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- → In Utah, what is the standard non-judicial foreclosure process under a deed of trust?
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- → A Utah property has both a first mortgage and a second mortgage. If the first mortgage is foreclosed, what happens to the second mortgage?
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