Mississippi Foreclosure Homes for Sale – Power of Sale

In Mississippi foreclosure homes for sale, the bank or lender is able to use both the non-judicial judicial and foreclosure process on mortgaged and deeds of trust in default. These foreclosures take place when a home owner goes into default on the mortgage over their property. Foreclosure rates have reached an unprecedented high in the US in recent times and this has been attributed to the financial crisis being experienced in the country at present. Interest rates have been hiked and people whose mortgage is linked to an ARM are finding it increasing difficult to meet their mortgage repayments.

There is no “rights of redemption” available in Mississippi and this means that once the property has been sold on auction, the owner has no hope of ever recovering it. Typically in Mississippi, it takes approximately sixty days to complete a foreclosure, and that is not a very long time. In some US states, such as New York, this process can take as much as eighteen months to two years.

The state of Mississippi does not allow for deficiency judgments. This means that should there be a shortfall between the sale price of a home, and the amount owed on the mortgage, the bank or lender has no rights to pursue the homeowner for any balance outstanding.

The judicial foreclosure involves a lawsuit, this is filed in order to foreclose on the home. This only applies if the deed of trust or mortgage has no power of sale clause. As soon as the court declares a foreclosure, the home is auctioned to the highest bidder. Non-judicial foreclosures take place when the mortgage or deed of trust does contain a “power of sale” clause. A power of sale clause gives the lender the pre-authority to sell the home. They or their representative or trustee is able to commence the foreclosure process without filing a lawsuit.

Power of sale in Mississippi foreclosure homes for sale specifies a procedure that has to take place, and certain steps that must be followed. It generally indicates the place, time and terms of the sale, and the trustee is required to record a notice of sale, including the name of the borrower, the date, place and time of the sale. This notice must be posted at the courthouse and in a newspaper pertinent to the county for a period of three weeks prior to the sale date.

During this period, the borrower may stop the sale at any point, provided he is able to meet all delinquent re-payments including costs. If not, the property is auctioned and sold to the highest bidder. The sale must take place in the county jurisdiction where the home owner is resident.

Any smart investor is able to take advantage of Mississippi foreclosures for sale when they go on auction due to power of sale clauses. Just remember when at auction sales you might be bidding against investment specialists. You need to educate yourself and know what you are doing in order to be successful, but spectacular savings on a home can be made.

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