Mississippi Foreclosure Process and Laws


Quick Facts About the Foreclosure Process in Mississippi

Judicial Foreclosure Available: Yes

Non-Judicial Foreclosure Available: Yes

Primary Security Instruments: Deed of Trust, Mortgage

Timeline: Typically 60 days

Right of Redemption: No

Deficiency Judgments Allowed: No

There are practically two options when it comes to forclosing mortgages and deeds of trusts in Mississippi- the judicial foreclosure and the non-judicial forclosure processes.

Judicial Foreclosure
This type of process, the judical foreclosure process involves a court order. It is a prerequisite to file a lawsuit for this kind of process. With the absence of the power of sale, the judicial foreclosure process is the only option. Once the court has given an order, the property will then be up for bidding.

Non-Judicial Foreclosure
In the presence of power of sale clause, the non-judicial process of foreclosure applies. The power of sale already permits the sale of the property in order to pay for the remaining balance of the loan if the lender has reached mortgage default. The lender can also choose whether to sell the property or not when this happens. For a clearer perspective of the non-judicial foreclosure process, the Power of Sale Foreclosure Guidelines will explain it.

Power of Sale Foreclosure Guidelines
Typically, the pwoer of sale of mortgages and deeds of trusts should be completely stated. These should include the time, terms of sale, place as well as the other procedures for sale. Without these, the non-judicial power of sale must be done the right way.

First, it is the responsibility of the trustee to keep a notice of sale with the following specifications:

  • Name of borrower
  • Time, date and place of the sale
  • Must be posted in the courthouse in the county of property location
  • Must be published in the newspaper for 3 weeks before the actual sale

Next, the borrower is given time to settle the default by paying for late payments and costs. It gives them the option to halt any foreclosure process before the sale.

Lastly, the foreclosure auction must be public. The highest bidder of the property will be the new owner. The auction can be done in either the residence of the borrower or in the location of the property. It is very important to note that borrowers are unable to reclaim lost property through non-judicial foreclosure in Mississippi.

Foreclosure Avoidance Counseling

HUD-approved housing counseling agencies are available to provide you with the information and assistance you need to avoid foreclosure. As part of President Obama’s comprehensive Homeowner Affordability and Stability Plan (HASP), you may be eligible for a special Making Home Affordable loan modification or refinance, to reduce your monthly payments and help you keep your home.

If you need help understanding the Making Home Affordable programs, you can use this search tool to find a counseling agency in your area that will provide you with free foreclosure prevention services. If you are eligible for the loan modification or refinance program, the counselor will work with you to compile an intake package for your servicer.

Foreclosure prevention counseling services are provided free of charge by nonprofit housing counseling agencies working in partnership with the Federal Government. These agencies are funded, in part, by HUD and NeighborWorks® America. There is no need to pay a private company for these services.

Jackson Field Office

Dr. A.H. McCoy Federal Building

100 W. Capitol St,
Suite 910
Jackson, MS 39269-1096

Phone: (601) 965-4757

Fax: (601) 965-4773

TTY: (601) 965-4171

Jurisdiction: State of Mississippi

Mary Merchant
Acting Field Office Director

Office Hours: 8:00 a.m. to 4:45 p.m.

Monday through Friday