Homeowners who purchase a property don’t always read the fine print. However, every WY mortgage comes with terms and conditions, as well as local laws and jurisdictions that apply to each legal agreement. In order to be in the smartest financial position, you need to understand what laws apply to Wyoming homeowners and what things are most often overlooked that can come back to haunt you later.
Foreclosure Laws
The first thing that you need to know is that most of the WY mortgage notes written fall under what is known as title theory. This means that a clause will be written into the mortgage agreement saying that a trust is created for the title of your home. If you default on the note, the entity that holds that title regains the right to do with the property what they see fit. There are, however, legal requirements in Wyoming to execute a foreclosure without intervention from a judge. For example, your lender must publish a notice of foreclosure in a public place, such as a newspaper, providing the proper documentation. After a four-week publishing period, your home may then be sold to the highest bigger at auction. Still, this usually doesn’t happen any sooner than ninety days.
If provisions are not in your WY mortgage for the title theory method of foreclosure, they have to follow the proper legal channels. You will be officially notified of the proceedings, and it will more difficult for the lender to evict you. They must wait for the judge’s decision before foreclosure can occur.
Whichever type of foreclosure is being attempted against your home, you have rights in Wyoming. In the event that you pay the delinquent amount in full within a three month period, plus an extra ten percent of the amount needed from the sale date, you can regain control of your home. This brings your WY mortgage current.For a full reading of the foreclosure laws that are specific to Wyoming, refer to the Wyoming Statutes, Title 34, Chapters 3 and 4.
What about Licensing?
There are also laws in place that regulate the licensing of the professionals that can deal with your WY mortgage. This area of Wyoming law is regulated by the Division of Banking in the Wyoming Department of Audit. Beginning in 2005, all loan officers in Wyoming are required to carry a valid Mortgage Broker License. Some exemptions are required, but they shouldn’t apply in most situations where you are buying a home in Wyoming. Testing and financial guarantees of solvency can be required, so this is a protection that is in place for you, the homeowner. Even loan professionals who are located out of the area will need proper documentation to legally issue a WY mortgage to local residents, so don’t be fooled by those who claim otherwise.
What About Predatory Lending?
No one wants to wake up from their dream of owning a home to the nightmare that is created by predatory lending. Luckily, if this does happen to your WY mortgage, there are laws in place to protect you and provide recourse. All federal programs fighting predatory lending, including those offered under the umbrella of the Federal Trade Commission, can be utilized by Wyoming residents. In addition, more localized laws provide an extra layer of protection against fraud. Wyoming built its predatory lending laws around the parameters that the FTC uses. Citizens can take their own legal action, as well as asking the Attorney General’s office to intervene in their behalf.
Continue reading about Looking Closer at Wyoming Mortgage Laws
Wyoming is home to the Yellowstone National Park as well as many chances to see wildlife along the roads. Wyoming has five major cities that offer you plenty of shopping, fun, and adventure. Cheyenne offers Cheyenne Frontier Days and Rodeo during the end of July. When you look to Wyoming real estate, you will find many small towns out in the middle of the country as well as these five larger cities to offer you a country western feel.
Most of your real estate options are going to include homes, farms, and apartments or condos in the cities. Currently Wyoming is experiencing a housing boom in certain areas of the state. Gillette is experiencing a boom in Cheyenne due to oil. You will find many new constructions in the area from a range of $200,000 or more. While there are some homes from the past it seems most individuals would rather have a new home for the cost than spend the money refurbishing an older home.
Jackson Hole is another town experiencing a little bit of a construction boom. Jackson Hole is on the western side of Wyoming at the base of the Teton’s and Yellowstone National Park making it one of the most picturesque cities in Wyoming. In Jackson Hole you will find the real estate prices to be rather high. Not only are you paying for the construction on the home, but also the view. So if you have the budget you may find Jackson Hole is a great place to retire or have a vacation home.
Cheyenne is also one of the most populace places in the state. The big draw for Cheyenne is the military base located in the city. They also have many golf courses allowing for retirement communities to spring up as well. You will find there are older homes in this region in need of fixing up. For investors this can be a great place to settle. Investors can purchase these fix and flip houses and then resell them to the current market.
Wyoming real estate is generally going to be a western style either in the rustic farm style or southwestern style of New Mexico. Wyoming has a lot of adobe homes, with tile, and the south western designs above the typical farm style. Homes for sale in Wyoming are fairly well priced for the current market, and some of the smaller towns have not yet seen the inflation of prices other parts of the United States have seen.