Finance
A Wyoming borrower who is 90 days late on their mortgage payment has likely received:
AImmediate foreclosure notice
BA Notice of Default beginning the foreclosure process✓ Correct
CAutomatic loan modification
DA forbearance agreement from the servicer
Explanation
After a borrower misses several payments, the lender typically issues a formal Notice of Default (NOD), which initiates the formal foreclosure process. Under Wyoming's deed of trust foreclosure process, the trustee sends notice and begins the non-judicial foreclosure procedure.
Related Wyoming Finance Questions
- Wyoming uses which instrument to secure a real estate loan as the primary alternative to a mortgage?
- A Wyoming buyer's FHA loan requires an upfront mortgage insurance premium (UFMIP) of 1.75% of the loan amount. On a $250,000 loan, what is the UFMIP?
- A Wyoming buyer obtains seller financing with a 'due on sale' clause. This means:
- A Wyoming buyer using gift funds for a down payment must provide the lender with:
- A Wyoming buyer obtains a 30-year, $300,000 mortgage at 7% interest. The approximate monthly principal and interest payment is:
- A Wyoming lender requires a borrower to pay 2 discount points on a $250,000 loan. What is the cost of the points?
- RESPA (Real Estate Settlement Procedures Act) requires lenders to provide buyers with a Loan Estimate within how many business days of receiving a loan application?
- A buyer obtains an FHA loan to purchase a home in Casper, Wyoming. FHA loans require:
Practice More Wyoming Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Wyoming Quiz →