Summary of Mississippi's Foreclosure Laws

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

• the most common type of foreclosure procedure (judicial or nonjudicial)
• your rights and protections in the process, and
• what happens afterward (for example, whether you’ll be liable for a deficiency judgment).

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).

Most Common Type of Foreclosure Process in Mississippi

Most foreclosures in Mississippi are nonjudicial under a power of sale in a deed of trust.

Mississippi Nonjudicial Foreclosure Process in a Nutshell

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.)

Right to Reinstate Before the Sale

Under Mississippi law, the borrower may reinstate the loan at any time before the sale.

No Right of Redemption After the Foreclosure Sale

The borrower does not get a post-sale right of redemption.

Deficiency Judgments

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.

Finding Mississippi’s Foreclosure Statutes

You can find Mississippi’s foreclosure laws in the Mississippi Code (§§ 89-1-55 to 89-1-59). (To learn how to look up foreclosure laws, see How to Find the Foreclosure Laws in Your State.)

Getting Help Avoiding Foreclosure

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.