Mississippi Foreclosure Laws

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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

In Mississippi, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.

Judicial Foreclosure

Judicial Foreclosure involves the sale of the mortgaged property under the supervision of a court. The property is subject to auction by the county sheriff or some other officer of the court. The proceeds first go to the lender to satisfy the mortgage; then other lien holders; and, finally, to the borrower if any proceeds are left. All parties must be notified of the foreclosure. A judicial decision is announced after pleadings at a hearing in a state or local court.

Non-Judicial Foreclosure (Power of Sale)

Also known as Foreclosure by power of sale, Non-Judicial Foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. This process involves the sale of the property by the mortgage holder without court supervision. It is generally more expedient than foreclosure by judicial sale. As in judicial sale, the mortgage holder and other lien holders are respectively first and second claimants to the proceeds from the sale.

Power of Sale Foreclosure Guidelines

If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows:

1. The trustee must record a notice of sale containing, at minimum, the borrowers name and the date, time and place of the sale in the county where the property is located. This notice must also be posted at the courthouse door in the county where the property is located and published in a newspaper of general circulation in said county for a period of three (3) consecutive weeks before the schedule date of the sale.


2. The borrower may cure the default and stop the foreclosure process at any time before the foreclosure sale by paying the delinquent payments, plus costs and fees.


3. The sale must be made at public auction for cash to the highest bidder. The sale may be held in the county where the property is located, or, if different, in the county where the borrower resides. In either case, the sale must be conducted at the normal location for sheriff's sales within the given county. Borrowers who lose their property as the result of a non-judicial foreclosure have no rights of redemption in Mississippi.

United States Foreclosure Law