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Foreclosure Survival Guide
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Foreclosure Survival Guide (1st Edition)
| Topic | State Rule |
|---|---|
| Common type of foreclosure process | Nonjudicial: under power of sale in deed of trust |
| Time to respond | Foreclosing party must publish notice of sale three consecutive weeks before sale date. No notice need be mailed to homeowner. |
| Reinstatement of loan before sale | Available until date of sale |
| Redemption after sale | No |
| Special protections for foreclosures involving high-cost mortgages | None |
| Special state protections for service members | Miss. Code Ann. § 75-24-5(2)(m) |
| Deficiency judgments | May be obtained if lawsuit filed within one year of the sale. The deficiency may be denied if lender is also the buyer and the court concludes the house sold for less than its market value. |
| Cash exempted in bankruptcy | None |
| Notice to leave after house is sold | No special provisions for evictions following foreclosure. New owner will likely have to go to court to get an eviction order. Court-ordered evictions usually take two weeks to a month, depending on whether or not former owner responds to the lawsuit. |
| Foreclosure statutes | Miss. Code. Ann. §§ 89-1-55 to 89-1-59 |