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 |
|
Notice of the foreclosure |
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 borrower under state law, though most deeds of trust require the foreclosing party to send 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. 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 lender is the high bidder. |
|
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 |
The new owner must go to court to get an eviction order, usually after making a demand for possession. |
|
Foreclosure statutes |
Miss. Code. Ann. § § 89-1-55 to 89-1-59 |
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