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.
Greg have been writing articles for nearly 2 years. Come visit his blogs more often for tips and advice that helps people with the interest for wyoming foreclosure and great passion and knowledge for foreclosure listings and all the different options & providers available in the market today. Find out for more info also here wyoming-foreclosure.com
No comments:
Post a Comment