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Foreclosure Evaluation & Ebook

  • Evaluate Your Situation (Form Below)

    Not many people know how to find the right solutions for their problem. This process will save time and answer many of your questions.

  • Explore All Possible Options

    After the evaluation, you will understand every possible option available for your exact situation. No more searching or worrying about finding a solution.

  • Avoid Further Loss or Judgments

    Regardless of what option you choose, our process takes every possible precaution to help you avoid further losses or deficiency judgments.

  • Recovery From Foreclosure

    Regardless of whether you keep your home, or walk away, we will take steps to help your credit and start the financial recovery.

  • Full Support & Accountability

    We take the problems of our visitors very seriously. We know your financial future is at risk and we pledge our full support to help you through these tough times.

Mississippi Foreclosure Laws

Expected Timeline: Two to three months
Security Instrument: Mortgage or Deed of Trust. Deed of trust is more likely in Mississippi foreclosures.
Type of Process: Judicial or nonjudicial. Nonjudicial foreclosure will be used most frequently.
Protections for Servicemembers: Miss. Code Ann. § 74-25-5(2)(m)
Time to Respond: Notice does not need to be sent to homeowners, but does need to be published three consecutive weeks before sheriff sale.
Reinstatement Period: Loan may be reinstated any time until sale date.
Protections for High-Cost Mortgages: None.
Redemption Period: None.
Eviction Process: New owner will have to initiate lawsuit for eviction. This may take two weeks to a month, depending on if former owners respond to lawsuit or not.
Deficiency Judgments: Allowed if separate lawsuit is filed within one year of auciton. Deficiency may not be allowed if buyer at auction is original lender and house sold for less than fair market value.
Limits on Deficiency Judgments: Judgment allowed if suit filed within one year of the auction. If the mortgagee bank was the winner at auction, deficiency may be denied based on unreasonably low sales price.
Cash Exempted in Bankruptcy: None.
State Statutes: Miss. Code Ann. § 89-1-55 to 89-1-59

In Mississippi , either the Non-Judicial or Judicial Foreclosure process may be followed. The Judicial Foreclosure process is used when there is no power of sale clause present in the original loan documents. The lender must sue the borrower in court to obtain an order to foreclose on the property.

If the Non-Judicial Foreclosure process is used, a power of sale clause must be present in the original loan documents, authorizing the lender to sell the property in the event of a default. The clause may specify the time, place, and terms of the sale; if so, these procedures must be followed.

The sale process in Minnesota requires that the lender's trustee record the notice of sale with the clerk of the county in which the property is located. Also, the notice must be published in a local newspaper of general circulation for three (3) weeks prior to the sale. The notice must also be posted on the door of the courthouse.

The borrower may stop the sale at any time prior to the sale by paying the default amount plus costs. If the borrower can not cure the default, the sale will be conducted as a public auction in either the county in which the property is located, or the county in which the borrower resides.

There is no right of redemption if the borrower loses the home, but the lender may also not sue the borrower for a deficiency judgment if the sale price is not for an amount that pays back the balance due on the loan plus costs.

State Website: www.ls.state.ms.us