Summary of Mississippi's Foreclosure Laws

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If you are facing foreclosure in Mississippi, it’s important to understand some of the basics, including:

  • the most common type of foreclosure procedure (judicial v. nonjudicial) used in Mississippi
  • how much time you have to respond
  • your rights and protections in the process, and
  • what happens afterwards (for example, whether you’ll be liable for a deficiency judgment).

Below we have outlined some of the most important features of Mississippi foreclosure law. Keep in mind that this is just a summary; we’ve included statute citations so you can get more details from the laws themselves. And be sure to check out Nolo’s extensive Foreclosure section, where you can find information about all aspects of foreclosure, definitions of foreclosure terms (like redemption and reinstatement), and options to avoid foreclosure.

Topic

State Rule

Most common type of foreclosure process

Nonjudicial under power of sale in deed of trust

Time to respond

Foreclosing party must publish notice of sale three consecutive weeks before sale date and post notice on the courthouse door. No notice need be mailed to homeowner under state law, though most deeds of trust require the foreclosing party to send the borrower a 30-day notice of default prior to acceleration.

Reinstatement of loan before sale

Available at any time before the sale

Redemption after sale

Not available

Special protections for foreclosures involving high-cost mortgages

None

Special State procedures for service members

None

Deficiency judgments

May be obtained if lawsuit filed within one year of the sale. The deficiency may be denied if lender is also the buyer and the court concludes the house sold for less than its market value.

Cash exempted in bankruptcy

Up to $10,000 ($60,000 for those aged 70 or over) under state bankruptcy exemptions.

Notice to leave after house is sold

No special provisions for evictions following foreclosure. New owner will have to go to court to get an eviction order. Court-ordered evictions usually take two weeks to a month, depending on whether or not former owner responds to the lawsuit.

Foreclosure statutes

Miss. Code. Ann. §§ 89-1-55 to 89-1-59

Updated by: , Contributing Editor

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