Mississippi Foreclosure Process

Link to Mississippi Foreclosure Laws

In Mississippi foreclosure, an out-of-court foreclosure process is most common.

Foreclosure Overview

In a Mississippi Foreclosure both in-court (judicial), and out-of-court (non-judicial) foreclosure proceedings are used. The basic timeline for a Mississippi foreclosure is between three and four months.

Pre-foreclosure Period

In Mississippi foreclosure, an out-of-court foreclosure process is most common. A deed of trust usually includes a provision enabling the lender to sell a property if a borrower is found in defaults. Generally, a borrower will receive a Notice of Default, (NOD) a minimum of 30 days before the foreclosure sale. After this, the trustee initiates the foreclosure sale process.

Prior to the foreclosure sale, the borrower may halt the foreclosure process and cure the debt by paying the amount due plus all foreclosure expenses.

In a Mississippi foreclosure, borrowers most likely get the following right:

  • receive a breach letter
  • apply for loss mitigation
  • get current on the loan and stop the foreclosure sale
  • receive special protections if they are active duty military
  • pay off the loan to prevent a sale, and
  • get any excess money after a foreclosure sale.

 

Notice of Sale & Auction

The Notice of Sale, (NOS), must be posted at the county courthouse and published once per week for three successive weeks in the local newspaper of that county. The notice is required to provide a description of the property, deed of trust information, all the parties involved, and the time, place, and terms of the sale.

The trustee conducts the sale, usually between 11:00 a.m. and 4:00 p.m. at the courthouse on any normal business day, and the lender is permitted to bid. Usually the lender opens the bidding with the loan amount. The trustee is allowed to postpone the sale to the next day by announcing the postponement at the originally scheduled sale.

The winning bidder, if other than the lender, must pay the sale amount usually in the form of cash or certified funds at the sale. If they fail to do so, the sale must be rescheduled and republished. After the sale, the trustee prepares a deed conveying ownership to the winning bidder.

In the case of a surplus, the additional amount is dispersed to any other affected secondary lenders, and finally to the borrower if funds exist.

The foreclosure sale is final; the borrower has no right to redeem the property.

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