Mississippi

For homeowners facing foreclosure in Mississippi, the following is a summary of the state’s foreclosure laws:

Judicial Foreclosure

Foreclosures in Mississippi can be judicial, meaning the bank must file a lawsuit in court in order to foreclose.

Nonjudicial Foreclosure

Foreclosures in Mississippi can also be nonjudicial but a court must confirm the sale.

Foreclosure Notification

Mississippi law requires one notice:

In Mississippi, the bank must publish notice of the foreclosure sale in a local newspaper for three consecutive weeks before the sale and post it on the courthouse door.

Mississippi law does not require the bank to notify the homeowner of the foreclosure, however most deeds of trust require the bank to send a 30-day notice of default before accelerating the loan.

Also, the bank cannot foreclose until it accelerates the loan, which means the homeowner must pay off the balance of a loan.

Mississippi Foreclosure Protections

Mississippi law provides protections in accordance with the federal Service Members Civil Relief Act.

Reinstatement and Redemption

Under Mississippi law, the homeowner may reinstate before the sale by paying the past-due amounts in addition to fees and costs.

Mississippi law does not allow a right of redemption after the sale.

Deficiency Law

In Mississippi, there is no anti-deficiency law. The bank can request a deficiency judgment after a nonjudicial foreclosure by filing a lawsuit against the homeowner within one year after the foreclosure sale.

Eviction Notice

In Mississippi, once a nonjudicial foreclosure is complete, the buyer can start the eviction process after demanding possession.  For information regarding how to avoid foreclosure in Mississippi, visit HUD.gov.

Mississippi

For homeowners facing foreclosure in Mississippi, the following is a summary of the state’s foreclosure laws:

Judicial Foreclosure

Foreclosures in Mississippi can be judicial, meaning the bank must file a lawsuit in court in order to foreclose.

Nonjudicial Foreclosure

Foreclosures in Mississippi can also be nonjudicial but a court must confirm the sale.

Foreclosure Notification

Mississippi law requires one notice:

In Mississippi, the bank must publish notice of the foreclosure sale in a local newspaper for three consecutive weeks before the sale and post it on the courthouse door.

Mississippi law does not require the bank to notify the homeowner of the foreclosure, however most deeds of trust require the bank to send a 30-day notice of default before accelerating the loan.

Also, the bank cannot foreclose until it accelerates the loan, which means the homeowner must pay off the balance of a loan.

Mississippi Foreclosure Protections

Mississippi law provides protections in accordance with the federal Service Members Civil Relief Act.

Reinstatement and Redemption

Under Mississippi law, the homeowner may reinstate before the sale by paying the past-due amounts in addition to fees and costs.

Mississippi law does not allow a right of redemption after the sale.

Deficiency Law

In Mississippi, there is no anti-deficiency law. The bank can request a deficiency judgment after a nonjudicial foreclosure by filing a lawsuit against the homeowner within one year after the foreclosure sale.

Eviction Notice

In Mississippi, once a nonjudicial foreclosure is complete, the buyer can start the eviction process after demanding possession.  For information regarding how to avoid foreclosure in Mississippi, visit HUD.gov.

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