 |
Mississippi Foreclosure Law
Mississippi foreclosures can be handled either in court or
out of court. The typical foreclosure process lasts 3-4 months.
Pre-foreclosure Period
In Mississippi, the 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 defaults. Generally,
a borrower will receive a default notice at least 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 foreclosure expenses.
Notice of Sale / Auction
The notice of sale must be posted at the county courthouse
and published once per week for three successive weeks in a
local newspaper. The notice must provide a description of the
property, deed of trust information, 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, and the lender is permitted to bid. The trustee can
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 supply the sale amount usually in the form
of cash or certified funds at the sale; if not, 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. The foreclosure sale is final,
and after the sale the borrower does not have the right to
redeem the property.
CALL TODAY FOR A FREE AND CONFIDENTIAL CONSULTATION
(850)474-8884
|
|
