HOME FORECLOSURE IN MISSISSIPPI

In Mississippi, mortgage holders can foreclose on mortgage or deeds of trust that are in default. The mortgage lender will usually begin the foreclosure on mortgage or deeds of trusts that are in default. The mortgage company will usually begin the foreclosure process after 120 days missed payments. The mortgage company can use either judicial or non-judicial foreclosure process.

Under Mississippi law, any foreclosure action must be brought within 6 years of accelerated due date or stated maturity date. If the deed of trust or mortgage contains no power of sale clause, the lender must seek a judicial order to foreclose from the Courts. If the deed of trust does contain a power of sale clause the mortgage company will proceed with a non-judicial foreclosure.

A homeowner has many options to stop a foreclosure in Mississippi, which are follows:

1. Deed in lieu of foreclosure: The borrower transfers the property to lender, who then waives the mortgage debt and doesn’t pursue foreclosure.
2. Forbearance: The lender agrees to reduce or suspend payments for a period of time.
3. Loss mitigation: The borrower can apply for a loan modification or other loss mitigation option.
4. Refinance: The borrower can contact a private lender to refinance their loan with a bank.
5. Sell your home: The borrower can sell their home before they miss too many payments.

Another option to stop a foreclosure is to file a Chapter 13 bankruptcy. A Chapter 13 bankruptcy can stop a bankruptcy and allows a homeowner to catch up on any arrears with an affordable payment plan for 3, 4, or 5 years. When you file bankruptcy, an automatic stay is placed on your belongings, including your house – regardless of if you are in foreclosure. A bankruptcy will automatically stop the foreclosure in its tracks. Many people file a Chapter 13 to protect their home from foreclosure actions.

CALL OUR MISSISSIPPI FORECLOSURE DEFENSE TEAM TODAY

If you are in danger of having your home foreclosed on by the bank, call the experienced foreclosure defense and bankruptcy attorneys at Bond & Botes Law offices. We have helped clients navigate their options and stay in their homes in Mississippi for over 30 years. If you are faced with foreclosure or overwhelming debt, give us a call at 1-855-418-6436 or email us from our website for an absolutely free and confidential conversation about how we can help you obtain a fresh start.