Stop Foreclosure Mississippi

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Mississippi MS Foreclosure Laws

Lenders in the state of Mississippi may foreclose on a deed of trust or mortgage in default using either a judicial or non-judicial foreclosure process.

Judicial Foreclosure

 A judicial process of foreclosure requires that the lender file a lawsuit and attain a court order to foreclose on a particular property. This type of process is generally used when no power of sale is present in the mortgage or deed of trust. A power of sale is a clause found in a deed of trust or mortgage that authorizes the sale or transfer of land as outlined by the terms of that clause.

Non-Judicial Foreclosure

If a power of sale clause exists in the deed of trust or mortgage document, a non-judicial process of foreclosure is used. This allows the lender to sell the property and pay off the balance of the loan in the event the homeowner defaults. The power to sell may be completed by the lender or their representative in situations where a power of sale exists. The procedure for this type of foreclosure process is explained in the "Power of Sale Foreclosure Procedure" listed below.

Power of Sale Foreclosure Procedure

 If the deed of trust or mortgage has a power of sale clause and it details the time, place and terms of sale, then the outlined procedure must be followed. However, if the power of sale clause does not clarify the time, place and terms of sale, then a foreclosure sale is conducted as follows:

Notice of sale is recorded by the trustee. The notice is required to contain, at a minimum, the borrower’s name, location of the property, and the date, time and place the sale is to be held. Notice is published in a newspaper where the property is located for three (3) successive weeks prior to the scheduled date of sale and also on the courthouse door in the county where the property is located. 

The sale is conducted at public auction, generally at the courthouse, in the county where the property is located or in the county where the borrower lives. The sale is for cash to the highest bidder.

Legal Information Is Not The Same as Legal Advice This site provides information about Mississippi state foreclosure law designed to help users safely cope with their own legal needs and possible find alternatives. Everyone's legal status is different. The laws of every state are in constant change and we recommend you consult a lawyer.