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.
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This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified foreclosure and alternatives lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local foreclosure and alternatives attorney to discuss your specific legal situation.