Mississippi Foreclosure Process

The Mississippi foreclosure process begins once you miss the first or second payment for your home loan. The lender must initiate this process in order to recover the money for the loan through selling the home as close to the value as possible. Even if you have full intentions of saving your home or getting caught up on your loan the bank must do this.

The Mississippi foreclosure process is started when the bank files a notice of default which is the notification that you have failed to make your payments. It means that you have defaulted on the loan for your home. This is a public notice that is posted in the newspaper and filed through the court system.

Once you have received the notice of default, it is important that you take this very seriously if you intend on saving your home and getting caught up on the payments. You will be responsible for getting caught up with the missed payments and the penalties attached to the missed payments. Talk to the lender and keep them in the loop about what is going on with your financial situation. If they are clear that you want to keep your home but you have had some hard times they will try and help you with a solution that works for you.

The last resort and only option for a lender that cannot get a borrower to pay on their mortgage is to auction the home at a public auction. The Mississippi foreclosure process ends with a home selling in an auction to anyone in the public that would be interested in purchasing the property. The entire process can take from 4 months to 1 year depending on the lender. In most cases, the higher value of your property the sooner the bank will foreclose on the property.

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