My parents have a house in Mississippi, which I just found out is being foreclosed. I think the sale is going to happen soon. My siblings and I have some funds available and we’d like to help them out. Can we get the house back for them after the foreclosure sale?
No, you won’t be able to get the home back after the foreclosure sale. Some states allow a foreclosed homeowner to repurchase or “redeem” the home after a foreclosure by reimbursing the person or other entity who bought it at the sale for the full purchase price. Mississippi, however, does not provide foreclosed homeowners with a right of redemption after the sale.
You do have other options to save the home though. You potentially can:
In Mississippi, there is no right of redemption after a foreclosure, so you can’t get the house back following the sale. However, homeowners do get what’s referred to as an "equitable right of redemption" before the sale. During this time you can redeem the home by paying off the loan. (Learn more general information about the equitable right of redemption.)
To redeem the home before the sale, you’ll have to come up with the full amount of the unpaid loan plus interest, as well as all other costs and fees associated with the foreclosure. This will stop the foreclosure. Since you are short on time, it may be worthwhile to hire a Mississippi attorney to help you with the process.
Keep in mind that there may also be other ways available to you to save the home, other than paying off the loan to redeem the property. For example, you could potentially help your parents:
If you want to stop the sale you’ll need to take action immediately. Again, it might be a good idea to speak with an attorney who can help you with this. (To learn more about foreclosure laws and procedures in Mississippi, visit Nolo’s Mississippi Foreclosure Law Center.)
To find the statutes that discuss foreclosure sales in Mississippi, go to Title 89, Chapter 1 ( § § 89-1-55 through 89-1-59) of the Mississippi Code.