Free Mississippi Foreclosure FAQs | Free Mississippi Foreclosure Legal Documents

Can I Keep My Home If I File Bankruptcy in Mississippi?

Wed, 28 Jan 2009 02:35:07 GMT

Mississippi law allows for a homestead exemption of $75,000 if the homeowner owns land and buildings and uses the building as his or her primary residence. Homeowners who own other structure such as a mobile home or manufactured house are entitled to a homestead exemption in the lesser amount of $30,000.

The homeowner is entitled to protect equity up to the amount of the applicable homestead exemption from unsecured creditors. As long as the homeowner can continue to make regular mortgage payments and does not own significantly more equity than that allowed by the applicable homestead exemption, the bankruptcy court is likely to allow the homeowner to keep his or her home in a bankruptcy proceeding.

Can a Lender Sue a Borrower for a Deficiency Judgment if the Lender is Still Owed Money After a Foreclosure Sale in Mississippi?

Wed, 14 Jan 2009 02:34:19 GMT

Yes, it is possible for a lender to sue a borrower for a deficiency judgment in Mississippi. The lender is entitled to sue for the difference between the amount owed and the amount that has already been paid on the debt, including any amounts earned from the foreclosure sale. The lender has one year from the date of the foreclosure sale to file a deficiency judgment action.

Does Mississippi Law Allow for a Redemption Period After a Foreclosure?

Tue, 06 Jan 2009 15:20:20 GMT

No, Mississippi law does not provide borrowers with a right of redemption following a foreclosure.

How Can a Lender Foreclose on a Property in Mississippi?

Sat, 17 Jan 2009 01:50:50 GMT

Some Mississippi mortgages contain a power of sale clause. Lenders who enter mortgage agreements with a power of sale clause can foreclose on a property by following the notice and sale terms included in the mortgage agreement. If the terms are not specified in the mortgage agreement then the lender must follow the notice and sale requirements set forth in state law.

If the mortgage agreement does not have a power of sale clause then the lender must sue the borrower in state court in order to foreclose the property.

How Long Does the Typical Foreclosure Process Take in Mississippi?

Wed, 28 Jan 2009 01:41:12 GMT

Most Mississippi foreclosures occur outside of the judicial system. This allows a lender to foreclose on a property in as little as 2 months if the foreclosure is not contested by the borrower.

What Public Notice Requirements are There for a Real Estate Foreclosure in Mississippi?

Wed, 07 Jan 2009 20:43:55 GMT

If a mortgage agreement contains a power of sale clause then a Mississippi lender is required to provide the following types of public notice concerning an intended foreclosure sale. First, the lender must record the Notice of Sale with the county clerk’s office. Second, the lender must publish the Notice of Sale in the newspaper for three consecutive weeks prior to the date of the foreclosure sale. Third, the Notice of Sale must be posted on the court house door.

In cases where there is no power of sale clause in the mortgage agreement, the Mississippi lender can still pursue a foreclosure but the lender must do so by filing a lawsuit in state court. The filing of the lawsuit serves as public notice of the intended foreclosure.

Where and When do Foreclosure Sales Take Place in Mississippi?

Wed, 07 Jan 2009 02:14:49 GMT

Typically, a property foreclosure sale in Mississippi occurs between the hours of 11 am and 4 pm at the courthouse. However, the time and location of the sale can be changed if proper notice is given in the published Notice of Sale. The date of the intended foreclosure sale must also be included in the Notice of Sale.

Free Avoid Foreclosure FAQs

Sat, 28 Nov 2009 14:22:05 GMT

Free Avoid Foreclosure FAQs

Free Foreclosure Help FAQs

Sat, 28 Nov 2009 14:22:05 GMT

Free Foreclosure Help FAQs

Free Stop Home Foreclosure FAQs

Sat, 28 Nov 2009 14:22:05 GMT

Free Stop Home Foreclosure FAQs