Judicial Foreclosure

• Mississippi law provides for a judicial foreclosure. Through this process, a lawsuit is filed by the lender against the real estate owner in default on the mortgage loan. If the lender prevails, the court grants an order of foreclosure giving ownership of the property to the lender and evicting the owner in default from the premises.
  
  

Non-Judicial Foreclosure

• The laws of Mississippi also permit non-judicial foreclosure. These legal provisions permit the lender and borrower agree to a power of sale clause in the mortgage. The clause authorizes the lender to reclaim possession of the property and sell it if the borrower defaults on the loan.
  
  

Right of Dedemption

• A borrower does not have an automatic right of redemption under Mississippi foreclosure law. In other words, following the sale of real estate following a foreclosure judgment, the borrower is not provided with a period of time to pay off whatever is due and owing on the loan to maintain the property.
  
  

Delinquency Judgments

• Mississippi law does not permit a lender the ability to obtain a delinquency judgment against a borrower in default. A deficiency is the difference between the balance due on the loan (together with other costs) and the amount of money recouped via a foreclosure sale.
  
  

Expert Insight

• Whether you are a lender or a borrower facing a foreclosure case in Mississippi, your interests likely are best protected through an experienced foreclosure attorney. A directory of attorneys is available through the Mississippi Bar Association at 601-948-4471.