Mississippi Foreclosure Law

Timeline: 60 days

Redemption: No

Deficiency Judgments: No

Judicial Foreclosure: Yes

Non-Judicial Foreclosure: Yes

Security Instruments: Deed of Trust, Mortgage

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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.