Wyoming Redemption Law

Redemption is a process used by some states to allow a homeowner to redeem or “get back” his or her property after a foreclosure.  In most situations the homeowner must pay the entire amount of the sales price to redeem the property.  Depending on how much is owed on the property at the time of the foreclosure, redemption can be very cost prohibitive.  

In Wyoming, a homeowner may redeem his or her property within 3 months of the foreclosure sale by paying to the purchaser (oftentimes this is also the creditor) the amount paid for by the purchaser for the property at the foreclosure sale, plus interest in the amount of 10% per annum from the date of the sale, plus any taxes or assessments paid by the purchaser after the sale.

After the three months pass, redemption is unavailable.  Please keep in mind that this is the general redemption rule in Wyoming and states can have different rules for different types of foreclosures (i.e. tax sales, home-equity loans, etc.).  If you believe you have the funds to redeem your property, you should speak to an attorney licensed in your state as soon as possible to ensure that 1) you have the ability to redeem the property given your particular circumstances; 2) are still within the allowable time frame for a redemption; and 3) that you have correctly calculated the amount necessary to redeem the property.

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