Mississippi Laws

While Mississippi foreclosures can be judicial, most foreclosures occurring in the state are non-judicial due to the tendency for Mississippi foreclosures to contain Power of Sale clauses. These provisions allow a lender to pursue foreclosure without the supervision of the court system.

Before actually foreclosing, the lender must present the homeowner in default with a Notice of Default, outlining the lender's intention to foreclose if payment is not received within thirty days. If the debt is not paid at this time, the lender will schedule a foreclosure sale of the property. The homeowner can stop the foreclosure completely by simply paying off the default debt due at any point before the sale occurs.

In order to advertise the sale, a Notice of Sale must be published in a local newspaper for three consecutive weeks, appearing once each week. The Notice must also appear on the courthouse door, among other public places. The sale can be postponed, but the lender must announce the postponement at the time and location of the originally scheduled sale.

On the day of the sale, a trustee of the lender auctions off the homeowner's property to the highest bidder. The winning bidder must then provide payment for the bid, and once payment is secured, they will receive a deed to the property. If payment is not provided, the sale is considered void and another one is scheduled for at least one month in the future.

Any proceeds exceeding the amount of the original loan are to be divided up equally among any junior lien holders. The original homeowner retains no right to redemption once a sale is complete.

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