Mississippi foreclosure often happens outside of court and with very little direct notice. Below is a plain-language overview of how the process typically unfolds.
After one or more missed payments, late fees and interest begin to accrue. The loan is considered in default. At this stage, foreclosure has not started yet—but the situation deserves attention.
Federal law generally prevents a mortgage servicer from initiating foreclosure until the borrower is more than 120 days delinquent. This rule (12 C.F.R. § 1024.41) gives homeowners time to seek loss-mitigation options.
Most residential mortgages require a written breach letter before acceleration. This letter states the loan is in default, explains what must be done to cure it (usually 30+ days), and warns of acceleration if not cured.
If the loan is not brought current, the lender schedules the foreclosure sale. A Notice of Sale must be published in a local newspaper for three consecutive weeks and posted at the county courthouse.
The home is sold at public auction at the county courthouse. The property goes to the highest bidder—often the lender. The sale typically lasts only a few minutes.
Once the auction occurs, ownership transfers immediately. Mississippi provides NO right of redemption after sale. The home cannot be bought back. Eviction proceedings may begin.
The 120-day rule (12 C.F.R. § 1024.41) does not apply to all mortgages or deeds of trust.
Two homeowners in Mississippi can be in foreclosure at the same time—one may have full federal protections, the other may have almost none. This is why early review of the deed of trust and servicer status is critical.
Contact Walter today at MississippiForeclosureHelp.com and get cash for your home in days!
Mississippi foreclosure moves fast and often without warning. A short conversation can help you understand what’s happening and what options may still exist.
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