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:
- redeem the home before the sale, or
- work out some other alternative to foreclosure. (This is discussed in more detail below.)
When You Can Redeem the Home in a Mississippi Foreclosure
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.)
How Much You'll Have to Pay to Save Your Home
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.
Take Action to Save the Home Before the Foreclosure Sale Takes Place
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:
- catch up on the past-due amounts and resume the making monthly payments (this is called reinstating the loan), or
- arrange an alternative to foreclosure with the lender, such as a mortgage modification, forbearance agreement, or repayment plan.
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.)
How to Find Mississippi’s Foreclosure Laws
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.