WY Underwriting References

Foreclosure Of Mortgages

Insuring title after WY Non-Judicial Foreclosure (AKA Advertisement and Sale) Confirm the following:

1. Mortgage with power of sale clause was properly executed, properly notarized*, and legal description is correct

  a.	Deeds of Trust may be used in WY, but in practice use is rare due to lack of reconveyance understanding

2. All liens in existence at time of sale and their respective priority to each other;

   a.	Watch for priority agreements, subordinations, statutory priority

   b.	All junior liens receive notice of sale

   c.	NOTE  junior liens, with notice, are wiped out upon issuance of Sheriff’s Deed

   d. borrower has 3 months to redeem, noticed junior lien holders have 30 days

3. Recording number of DT in foreclosure documents are correct

4. Affidavit of Compliance states the following:

   a.	 Notice of Intent to Foreclose was served at least 10 days prior to first publication of Notice of Sale; 

   b.	Service on debtor is indicated to be by certified mail with receipt signed by debtor; AND

   c.	Junior lienholders received Notice of Sale by certified mail and return receipt.

5. Notice of Sale published in 4 consecutive weeks and not more than 20 days elapse from last date of publication

6. If Notice of Federal Tax Lien is of record at least 30 days prior to sale date, that notice was sent to IRS office** at least 25 days prior to sale;

   a.	Review Affidavit for compliance;

7. Sale date is between 10:00 am and 5:00 pm, any day of the week

8. Postponement notice is published twice in consecutive weeks

If any of the above are not adhered to, do not issue Commitment without UW approval. Additionally, do not issue Commitment without UW approval if:

a) Lack of Power of Sale Clause

b) Junior lienholder was omitted

c) Lien being foreclosed was HOA/Condo assessment lien

d) Lien being foreclosed may not have first lien priority, see item 2 above

e) Borrower(s) deceased at time of default

f) Notice of Federal Tax Lien on title

g) Notary was a remote online notary licensed in Virginia

h) Borrower filed Bankruptcy case and case was pending before and/or during the trustee sale process

i) Foreclosure occurred during CARES Act moratorium (3/18/2020 – 7/31/2021)

j) Sheriff deed not issued

<*> Follows WFG guidelines on notarization, including RON protocols and international notarization

<**>IRS foreclosure notice address for Washington is Internal Revenue Service Collection Advisory Group Manager, 915 2nd Ave, MS W245, Seattle, WA 98174 206.946.3080 (ph) 877.477.9227 (fax).