Mississippi Foreclosure Laws

There is no right of redemption for people who are foreclosed upon in the state and there is also no legal recourse for the lender with regards to obtaining a judgment for deficiency. The actual timeline to complete a foreclosure here is about average with the rest of the country at two months and the state recognizes both the mortgage and the deed of trust as security documents.

If there is no power of sale clause in the security documents then a judicial foreclosure is used and the lender is required to sue the borrower who is in default on the loan in court to obtain an order to foreclose the property.

The non-judicial foreclosure is the process used when a power of sale clause that authorizes the lender to sell the property to recover the balance due on the loan.

The lender’s trustee must record with the county clerk the notice of sale, and publish the notice in a newspaper of general circulation weekly for three consecutive weeks prior to the date of sale, and post the notice on the courthouse door.

The borrower may stop the process at any time prior to the sale by curing the default and paying accrued costs.

The sale shall be a public auction either in the county in which the property is located, or in the county in which the borrower resides.

Any owners who lose their property in a non-judicial foreclosure have no right of redemption. Deficiency judgments are not permitted.

Search Mississippi Foreclosed Homes for Sale