Mississippi Foreclosure Law

In Mississippi foreclosure law Judicial Foreclosure and non-Judicial foreclosure both approaches are used. In Mississippi state foreclosure timeline ranges up to 60 days. Mississippi foreclosure law gives endorsement to deed of trust and mortgage as primary security instruments. Mississippi foreclosure law does not authorize the statutory right of redemption. Deficiency judgments are also not allowed by Mississippi Foreclosure law.

By way of non-judicial or judicial foreclosure process lenders in the state of Mississippi may foreclose on deeds of trusts or mortgages in default.

Judicial Foreclosure
Judicial foreclosure process is by and large used when a “no power of sale” is there in the mortgage or deed of trust. A power of sale clause authorizes the sale or transfer of property as outlined by the terms of that clause in a deed of trust or mortgage
While using judicial foreclosure, the foreclosure process is performed in accordance to the term and conditions of that clause.

Non-judicial foreclosure
In case homeowner defaults non-judicial foreclosure process allows the lender to sell the property and pay off the balance of the loan. Non-judicial foreclosure method is favored when “power of sale clause” exists in the deed of trust or mortgage document. A “power of sale clause” in a deed of trust or mortgage means that in case of default borrower has pre-authorized the sale of property to pay off the balance on a loan. The power to sell may be concluded by the lender or their representative in conditions where a power of sale exists. The modus operandi for this Non-Judicial Foreclosure is elucidated in the “Power of Sale Foreclosure Procedure” listed below:

Power of Sale Foreclosure Procedure
If the power of sale clause states the time, place, and terms of sale then the procedure must be followed according to the specifications. And in case Power of sale clause has no specification regarding time, place and terms of sale than it will be carried out in following way:
•    Trustee bear the obligation must to record notice of sale.
•    Notice of sale must contain the date, time and place of the sale, name of the borrower, location where property is sited.
•    Notice is required to be posted on the courthouse in the city where property is sited.
•    Before the date of sale notice must be published for (3) three consecutive weeks in a news paper having general circulation in the country where property is located.
•    At auction property will be sold at cash to the highest qualifying bidder. Sale must held at sheriffs office, place may be where the property  is located or where the borrower currently resides.
•    Foreclose sale may be secured in case borrower pay all the outstanding payment along with all costs n fees.
•    Borrower has to rights of redemption in state Mississippi.