The best way to stop foreclosure in Wyoming is to let your lender know when you will not be able to make a payment. Lenders usually end up losing money in the foreclosure process and do not actually want to foreclose on your home.

Lenders therefore have an interest in exploring all possibilities in the Wyoming foreclosure process, including forbearance, partial claim, payment modification and payment suspension. More of these options will be available if you are only one or two payments behind.

There are three key actions to take in the Wyoming foreclosure recovery process:

1. Review and answer all correspondence from your lender. These notices will contain important information on the foreclosure recovery process in Wyoming and any pending legal actions.

2. Make a missed payment by raising money quickly. You may be able to sell a second car, jewelry or other assets, or a family member may be able to get an extra job.

3. Avoid foreclosure recovery scams. Many companies will charge you for information you could get for free. Others may ask you to sign over the title to your house.

Action Steps
The best contacts and resources to help you get it done

Know how foreclosure laws in WY will affect you

Laws on foreclosure vary considerably by state so you should be familiar with at least a summary of foreclosure laws in Wyoming. You should also read your loan documents to know what your lender can do if you can't make your payments.

I recommend: Advantage Mitigation Services summarizes the foreclosure laws in Wyoming and outlines the foreclosure recovery process. Foreclosurelaw.org offers a summary of Wyoming foreclosure laws and a glossary of common foreclosure terminology.

Get assistance with Wyoming foreclosure recovery

There are housing counselors and online resources available to help you understand your options, assist you in organizing your finances and negotiate with your lender, if needed.

I recommend: The Home Loan Learning Center offers extensive resources, including an online quiz for assessing your risk of losing your home. The Homeownership Preservation Foundation offers a hotline that provides free foreclosure prevention counseling by HUD-approved agencies.

Retain a Wyoming foreclosure attorney

You may need WY foreclosure attorneys to protect your interests, especially if you need to sign documents. If your regular attorney does not handle Wyoming foreclosure law, he may be able to make a referral.

I recommend: The Brand Law Office in Cheyenne has a range of practice areas that includes real estate law. Brown, Drew & Massey is in Casper and has a real estate practice group that handles foreclosure cases.

Watch out for mortgage recovery scams

The Federal Trade Commission warns that there are plenty of bad guys operating in the foreclosure recovery business who will take your money and provide no service. Some warning signs, according to the FTC: advertising terms like 'guarantee' and '97% success rate', upfront fees before services and company names or websites designed to make you think you're dealing with a government or nonprofit agency.

I recommend: Educate yourself about foreclosure recovery scams through the Federal Trade Commission. The FTC recommends you only seek foreclosure help from government sanctioned counseling agencies like the ones recommended by the U.S. Department of Housing and Urban Development or the federal Making Home Affordable program.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  You may want to include refinancing when seeking foreclosure help. Wyoming homeowners will usually need at least 10 percent equity to have a reasonable chance at refinancing and it will be easier with more equity. However, you don't want to simply take out a new loan to repay the original mortgage.