Mississippi Home Foreclosure Laws
Learn about Mississippi foreclosure law, including notice of the foreclosure and foreclosure procedures.
In Mississippi, foreclosures are completed quickly with little notice to the homeowner. The process is nonjudicial (meaning, it takes place outside of court) and state law only requires that the foreclosing party post and publish notice before selling the home at a foreclosure sale. The foreclosing party doesn't have to notify the borrower directly about the pending foreclosure.
If you are facing a foreclosure of your home in Mississippi, you may have questions about how you'll learn about the foreclosure, how the foreclosure process works, whether you’ll be subject to a deficiency judgment after the foreclosure, and more. Keep reading to find a summary of some of the key features of Mississippi foreclosure law along with citations to the statutes so you can read the law yourself.
How to Find Mississippi’s Foreclosure Laws
The citations to Mississippi’s foreclosure statutes are Mississippi Code Annotated Sections 89-1-55 through 89-1-59.
Key Features of Mississippi’s Foreclosure Laws
We’ve summarized important parts of Mississippi’s foreclosure laws below. You can find more detailed articles on various aspects of Mississippi foreclosure law in Nolo’s Mississippi Foreclosure Law Center.
Most Common Type of Foreclosure Procedure in Mississippi
Mississippi law allows both judicial foreclosures (which go through the court system) and nonjudicial foreclosures(which take place out of court.) Since most foreclosures in Mississippi are nonjudicial, this article focuses on that process.
Notice of the Foreclosure
In Mississippi, the foreclosing party must publish notice of the foreclosure sale in a newspaper for three consecutive weeks before the sale. The notice must also be posted on the courthouse door. Miss. Code Ann. § 89-1-55.
There is no Mississippi law requiring the foreclosing party to notify the borrower directly about the foreclosure. However, most deeds of trust require the lender to send a 30-day notice of default before accelerating the loan. The lender cannot foreclose until it accelerates the loan.
What is acceleration? The lender can accelerate the loan if the borrow defaults. When the loan is accelerated it means the borrower must immediately pay off the balance of a loan.
Right to Reinstate Before the Foreclosure Sale in Mississippi
“Reinstating” is when you catch up on the missed loan payments (plus fees and costs) in order to stop a foreclosure. (Learn more about reinstatement to avoid foreclosure.)
Under Mississippi law, the borrower may reinstate at any time before the sale by paying the past-due amounts plus certain fees and costs. Miss. Code Ann. § 89-1-59.
Right of Redemption After Foreclosure in Mississippi
Some states allow the borrower to redeem (repurchase) the home within a certain period of time after the foreclosure. Mississippi law does not provide foreclosed homeowners with a right of redemption after the sale. (For details see Nolo’s article If I lose my home to foreclosure in Mississippi, can I get it back?)
Mississippi Deficiency Laws
When the total mortgage debt exceeds the foreclosure sale price, the difference is called a “deficiency.” Some states allow the foreclosing party to seek a personal judgment (called a “deficiency judgment”) against the borrower for this amount, while other states prohibit deficiency judgments with what are called anti-deficiency laws.
There is no anti-deficiency law in Mississippi. The foreclosing party can get a deficiency judgment after a nonjudicial foreclosure by filing a lawsuit against the borrower within one year after the foreclosure sale date. Miss. Code Ann. § 15-1-23. (For a summary of the deficiency law in Mississippi, see Mississippi Laws on Post-Foreclosure Deficiency.)
Notice to Leave After the Foreclosure Sale
Once a nonjudicial foreclosure in Mississippi is complete, the purchaser may begin the eviction process, usually after making a demand for possession.