Mississippi Foreclosure Laws Summary

JudicialNon-JudicialProcess PeriodSale PublicationRedemption PeriodSale/NTS
YesYes90 Days30 DaysNoneTrustee
Comments: Judicial Foreclosures are not common

Mississippi foreclosures can be handled either in court or out of court. The typical foreclosure process lasts 3-4 months.

Pre-foreclosure Period

In Mississippi, the out-of-court foreclosure process is most common. A deed of trust usually includes a provision enabling the lender to sell a property if a borrower defaults. Generally, a borrower will receive a default notice at least 30 days before the foreclosure sale. After this, the trustee initiates the foreclosure sale process.

Prior to the foreclosure sale, the borrower may halt the foreclosure process and cure the debt by paying the amount due plus foreclosure expenses.

Notice of Sale / Auction

The notice of sale must be posted at the county courthouse and published once per week for three successive weeks in a local newspaper. The notice must provide a description of the property, deed of trust information, the parties involved, and the time, place, and terms of the sale. 

The trustee conducts the sale, usually between 11:00 a.m. and 4:00 p.m. at the courthouse, and the lender is permitted to bid. The trustee can postpone the sale to the next day by announcing the postponement at the originally scheduled sale. The winning bidder, if other than the lender, must supply the sale amount usually in the form of cash or certified funds at the sale; if not, the sale must be rescheduled and republished. After the sale, the trustee prepares a deed conveying ownership to the winning bidder. In the case of a surplus, the additional amount is dispersed to any other affected secondary lenders. 
 
The foreclosure sale is final, and after the sale the borrower does not have the right to redeem the property. 

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