| Judicial | Yes | |
| Non Judicial | Yes | |
| Primary Security | Deed of Trust, Mortgage | |
| Timeline | 60 Days | |
| Redemption | No | |
| Notice | Petition | |
| Deficiency Judgment | No |
Mississippi Foreclosure Process and Procedure
If you default on your mortgage, your lender can institute foreclosure proceedings against you and auction your property at a foreclosure sale.
Mississippi’s preferred method of foreclosure is by non-judicial foreclosure. The property is auctioned at a public foreclosure sale.
Lenders can also go to court for a judicial foreclosure proceeding by filing a lis pendens and complaint, which must be served on the borrower and any interested parties. The court must approve the sale.
Notice Requirements for Foreclosure in Mississippi
Prior to initiating a foreclosure, the attorney conducting the foreclosure must file a notice of foreclosure sale indicating the foreclosure will be pending. The lender must publish the notice of foreclosure sale for three consecutive weeks in a newspaper of general circulation in the county where the property is located.
Mississippi Deficiency and Anti-Deficiency Laws
The lender may obtain a deficiency judgment if the property is sold at a public sale for less than the loan amount.
Mississippi Redemption Rights
Mississippi has no post-sale statutory right of redemption.
Mississippi Assistance, Special Programs, Government Help, and Law Updates
Foreclosure Programs:
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Mississippi Foreclosure Avoidance Counseling -HUD
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The Home Affordable Mortgage Modification Program
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The Home Affordable Refinance Program
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The Home Affordable Foreclosure Alternatives Program
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FHA Secure
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Hope for Homeowners
Foreclosure Lawyer
Mississippi foreclosure laws are complex. It is recommended that you consult with a foreclosure lawyer who can advise you about options to avoid foreclosure including refinancing, reinstatement, deed in lieu, mortgage modification, short sale or bankruptcy.
