Mississippi Foreclosures and Foreclosed Homes for Sale

Generally, mortgages in Mississippi include a clause allowing a lender to use a non-judicial foreclosure process as soon as a borrower defaults on a loan. The lender will mail a notice of default to the borrower, which signals the beginning of the process. After the borrower has been properly notified, the lender is free to schedule the property auction, although the foreclosure may be stopped at any time prior to the auction date if the borrower pays the full default amount, in addition to applicable costs.

Once an auction date has been scheduled, a notice of sale must be posted at the county courthouse, and published in a local newspaper once a week for three weeks. These notices are an excellent way of discovering upcoming auctions, and they provide a wealth of pertinent information, including a thorough property description and terms of the sale.

Most auctions are handled by an appointed trustee, who will conduct the auction in front of the courthouse on the scheduled date. Bidding is open to the general public, and the property will be awarded to the highest bidder. If the winner is someone other than the lender, they must be prepared to pay the full purchase price up front, in the form of cash or other certifiable funds.

If the winning bidder is unable to supply the funds on the day of the auction, another sale will be scheduled. If they make payment in full, however, ownership is transferred immediately, as Mississippi does not grant the right of redemption to previous borrowers after the date of the auction.

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