The state of Wyoming recently amended its redemption period law. Among other things, as of July 1, 2019, the new law gives the purchaser from the foreclosure sale a limited right to inspect the home during the redemption period. Also, while Wyoming law previously provided an extended redemption period for agricultural real estate, the revised law expands the definition of what qualifies as this type of property.
A “redemption period” is an amount of time after a foreclosure sale during which a foreclosed homeowner, or sometimes others, may reclaim the property by paying the foreclosure sale price or, in some cases, the full amount owed to the bank, plus certain other allowable charges. (To learn more about redemption periods in general, see Right of Redemption After Foreclosure.)
In Wyoming, foreclosed homeowners may redeem the property within:
(To learn more about redeeming a Wyoming property after a foreclosure sale, including how much it costs to redeem, read Getting Your Home Back After a Wyoming Foreclosure.)
As of July 1, 2019, Wyoming law gives purchasers a limited right to inspect the home after a foreclosure sale, expands the definition of agricultural property when it comes to the redemption period, and requires a certificate of redemption if the foreclosed homeowner redeems the property.
Limited right to inspect the property. After a foreclosure sale, the purchaser who bought the property at the sale has the right to enter the premises to ensure the property doesn't significantly deteriorate during the full redemption period—but only if the property is not legally occupied. (Learn when you have to leave your home when it's in foreclosure.)
Definition of agricultural property. Again, Wyoming law provides an extended redemption period for agricultural properties. Before July 1, 2019, Wyoming law defines an “agricultural” property as any parcel of land in excess of 80 acres located outside the exterior boundaries of any incorporated city, town, or recorded subdivision. Effective July 1, 2019, however, the law defines an agricultural property as one that is either:
Certificate of redemption following the sale. Upon redemption, the foreclosure sale is considered void. The amended provisions of Wyoming's redemption period law require the issuance of a certificate of redemption after the property is redeemed within the three-month redemption period.
To get more information about foreclosure laws in Wyoming, see Wyoming Foreclosure Laws and Procedures.
Effective date: July 1, 2019