If you're facing a foreclosure in Mississippi, it’s important to understand some of the basics, including:
Below we have outlined some of the most important features of Mississippi’s foreclosure laws. (To learn what to do—and what not do—if you’re facing a foreclosure, see Foreclosure Do's and Don'ts).
The foreclosing bank must publish a notice of sale for three consecutive weeks before the sale date and post notice on the courthouse door.
While state law doesn’t require the bank to send a notice to the borrower, most deeds of trust require a 30-day notice of default prior to acceleration. (An “acceleration clause” in the deed of trust permits the bank to demand that the entire balance of the loan be repaid if the borrower defaults on the loan.)
Under Mississippi law, the borrower may reinstate the loan at any time before the sale.
The borrower does not get a post-sale right of redemption.
Deficiency judgments are allowed if the foreclosing bank files a separate lawsuit within one year after the foreclosure sale.
To get a deficiency judgment, the winning bid at the foreclosure sale must be reasonable based on the fair market value of the property, particularly if the bank is the high bidder.
If you're facing a foreclosure in Mississippi and want to learn more about the process, including your rights and whether you have any defenses, consider talking to a lawyer. To get information about loss mitigation options, speak to a HUD-approved housing counselor.