Mississippi Foreclosure Law: How The Foreclosure Process Affects You
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This section will review foreclosure laws in Mississippi.
Because foreclosure laws vary from state to state,
it is important to understand how the Mississippi.foreclosure process works. Remember,
when you consider buying a foreclosure,
the state in which the property is located determines the laws regarding the property,
not the state where the buyer may reside.
In many cases buyers of foreclosed homes located in Mississippi also live in Mississippi. Be aware of how state foreclosure laws may impact your personal situation.
You can learn a lot about the system for foreclosure in Mississippi in this section,
but our information is not a substitute for professional legal advice.
And because every state’s laws are subject to change without notice,
we recommend you consult a real estate lawyer to gain a professional opinion of our information,
and your interpretation of the information,
as it applies to your specific real estate investment or home purchase situation.
Visit the Mississippi law details below to learn about how Mississippi foreclosure handles aspects of judicial or non-judicial availability,
primary security instruments, foreclosure timelines and foreclosure filing milestones, guidelines for Power of Sale in Mississippi,
and application of deficiency judgments.
We’ll help you understand these foreclosure law terms and how Mississippi applies them to the process.
You may or may not need to navigate through Mississippi’s laws in great detail during your purchase process,
but smart foreclosure buyers find that learning a lot might help save a lot on a discount home purchase.
Judicial Foreclosure Available:
Yes
Non-Judicial Foreclosure Available:
Yes
Primary Security Instruments:
Deed of Trust, Mortgage
Timeline:
Typically 60 days
Right of Redemption:
No
Deficiency Judgments Allowed:
No
Judicial Foreclosure
The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, your home will be auctioned off to the highest bidder.
Non-Judicial Foreclosure
The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below.
Power of Sale Guidelines
If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows:
| 1. |
The trustee must record a notice of sale containing, at minimum, the borrowers name and the date, time and place of the sale in the county where the property is located. This notice must also be posted at the courthouse door in the county where the property is located and published in a newspaper of general circulation in said county for a period of 3 consecutive weeks before the schedule date of the sale. |
| 2. |
The borrower may cure the default and stop the foreclosure process at any time before the foreclosure sale by paying the delinquent payments, plus costs and fees. |
| 3. | The sale must be made at public auction for cash to the highest bidder. The sale may be held in the county where the property is located, or, if different, in the county where the borrower resides. In either case, the sale must be conducted at the normal location for sheriff's sales within the given county. Borrowers who lose their property as the result of a non-judicial foreclosure have no rights of redemption in Mississippi. |
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