The Mississippi foreclosure law allows lenders to seek foreclosure through the judicial or non-judicial process.
State law does not provide the right of redemption or deficiency judgments to borrowers.
- The judicial Mississippi foreclosure requires a lawsuit to be filed in court, which will be enquired by the court before the foreclosure is given to the lender.
- The non-judicial foreclosure is valid only in cases where the Deed of trust or mortgage does not have the power of sale clause. In such cases, the property will be auctioned off the highest bidder.
- The power to sell the property can be transferred by the lender to his legal or heir or representative.
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