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Mississippi Foreclosure Statute Laws

Judicial and non-judicial foreclosure is available in Mississippi. Primary service instruments are deed of trust and mortgage. The timeline for foreclosure in Mississippi varies by process, but typically last 60 days. Right of Redemption and deficiency judgments are not allowed.

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

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:
• 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. 
• 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. 
• 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.

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