Foreclosures in Mississippi State can be processed judicially or non judicially. A foreclosure procedure typically lasts for 3-4 months.
A trust deed in the State of Mississippi mostly contains the clause for power-of-sale, giving the lender the right to dispose the property in sale to realize the debts due, in the event of a default by the borrower. Therefore, foreclosures out-of-court are very common.
The borrower shall be notified of the default payment by issuing a notice of default within a period not less than 30 days prior to the date of sale. Once the borrower fails to clear the default, or does not respond, the lender shall initiate the foreclosure procedure and schedule a sale.
The borrower has the option of halting the foreclosure proceedings at any time before the foreclosure sale, by making payment in full the entire debt due, plus any costs or expenses.
Once the default notice has been served, and there is no favorable response from the borrower, the lender shall post a notice of the sale at the courthouse of the county. The notice shall also be published in the columns of a local daily newspaper. The notification in the newspaper shall be given once each week, for a consecutive period of three weeks. Such notice of sale shall contain;
The sale shall be conducted by the trustee at the county courthouse, generally within the hours between 11:00 a.m. and 4:00 p.m. All members of the public are permitted to bid, inclusive of the lender. The scheduled foreclosure sale can be postponed by the Trustee, by an announcement of the intended postponement on the original date of sale.
The sale shall be awarded to the highest bidder. If the winning bidder is not the lender, the bid amount must be remitted in full, at the foreclosure sale, by cash or by certified funds. If the requisite funds are not remitted, the sale shall be compulsorily postponed and the publications shall be repeated.
Once the sale is satisfactorily completed, the winning bidder is conveyed the ownership of the property by a deed prepared by the trustee. In the event of any surplus being generated, the surplus sum is paid-off to any existing secondary lenders.
The borrower can redeem the property by remitting all dues payable to the lender before the foreclosure sale is held. If the foreclosure sale is conducted satisfactorily and the sale is confirmed, the borrower shall not have any redemption rights on the property.
If you need more information about Mississippi foreclosure laws, you should contact a foreclosure lawyer, or contact us so we can recommend one for you.
