Mississippi Forelcosure Laws
Mississippi Foreclosure Laws allows real estate foreclosures to be approached in either a judicial procedure or a non judicial foreclosure. It has been seen that mortgagees prefer to adopt the non judicial procedures more often. If a foreclosure sale is held under a deed of trust then as per Mississippi foreclosure laws the sale is final and no right of redemption can be considered after the sale.
The Mississippi foreclosure laws requires the lender considering a foreclosure to file a lawsuit in a Chancery Court. The law awards the borrower the right to insist on a proper conduct of the foreclosure sale. Any discrepancies in the sale procedure can be brought to the notice of the court by the borrower. If the foreclosure sale is indeed found to be defective the court can declare it null and void.
All the proceedings mentioned in the deed of trust should be followed in compliance with Mississippi laws. If the lender wishes to appoint a representative to act on his behalf as the trustee for the foreclosure auction it is essential for this authorization to be recorded in the Chancery Court.
There are a few guidelines to be followed prior to the foreclosure auction. A notice giving all the details of the foreclosure property and the details of the proposed foreclosure auction must be sent to the borrower and any other concerned persons three weeks before the date of the foreclosure auction. The notice should also be prominently displayed at the county courthouse and on the distressed property premises too. As per Mississippi statutes the foreclosure sale must necessarily be made by public auction which is held either on the foreclosure property premises or at the county courthouse premises. The highest bidder in the foreclosure auction is entitled to buy the foreclosure property against cash payment.
Once the sale is over the lender or the trustee must hand over the sale deed to the successful bidder at the foreclosure auction. This new sale deed must contain sufficient information regarding the old deed of trust. This is to ensure that old records can be located efficiently in the event of a dispute.
Mississippi allows borrowers to adopt the cure procedure and avoid foreclosure proceedings. A specified amount that includes default payments, accrued legal costs and any other costs incurred, can be paid to the court and the borrower can redeem the distressed property.
The Governor of Mississippi reserves the right to declare a moratorium on foreclosure of real estate. This may be done in the face of the happening of certain unforeseen events. The borrower needs to file a lawsuit citing such reasons to obtain a moratorium of this kind. The court takes into consideration several factors like the prevailing fair market value of the foreclosure property and the impracticality of refinancing of the mortgage.
Foreclosures in Mississippi Top Cities
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Mortgage Rates
| National Overnight Averages | TODAY | +/- | Last Week |
|---|---|---|---|
| 3/1 Year ARM | 3.58% |  |
3.63% |
| 1 Year ARM | 3.47% | |
3.5% |
| 30 Year Fixed Mortgage | 5.15% | |
5.17% |
| 15 Year Fixed Mortgage | 4.62% | |
4.63% |
| 5/1 Year ARM | 3.61% | |
3.66% |
