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FORECLOSURE

NON-JUDICIAL FORECLOSURE

 
TIME
DURING 
STEP
ACCUMULATED
TIME
1.
 Referral received.
1 day
|
2.
 Package reviewed, title update ordered, Substitution of Trustee prepared,
executed and recorded. FDCPA letter mailed.
15 days
|
15 days
3.
 Notice of Sale prepared, posted at courthouse, published for four consecutive weeks and copies mailed to all interested parties 60 days
45 days
|
60 days
4.
 Sale held. Substitute Trustees Deed prepared and recorded. If FHA or VA loan, a Special Warranty Deed is prepared, executed and recorded, final title
update is ordered and title policy prepared (if an eviction is necessary, this will delay recording of special Warranty Deed).
30 days
|
90 days*
* These are optimum time frames assuming no delays. The foreclosure time frames quoted herein are based upon uncontested foreclosure actions that are referred with all necessary documents and conducted under GSE guidelines. Therefore, time frames may vary from case to case depending on loan type and client.
Mississippi INFORMATION
DEFICIENCIES
(J) A deficiency suit must be filed within one year from the date ofthe foreclosure sale. Miss. Code Ann. Sec. 15-2-23 (1972). The Mortgagee must present pursuasive evidence that the fair market value ofthe property at the time of foreclosure was less than the outstanding debt in order to prevail in a deficiency suit.
(NJ) Same as above.

EVICTIONS

(J) In counties having a County Court, a Complaint in Unlawful Entry and Detainer is filed. A hearing is scheduled from 5-10 days after process is complete. Ifno answer is filed, a finaljudgment is presented which will require the defendants to vacate the property (usually within two weeks). Ifthe propetty remains occupied after the date specified in the order, a Writ of Possession will be presented to the judge which is then served by the sheriff to recover possession (usually issued five or more days after the date to vacate specified in the order). In those counties without a County Court, a Complaint in Ejectment is filed in Circuit Court which requires thirty days after process is complete before a defaultjudgment or hearing. The postjudgment procedures for a Complaint in Ejectmentare similar. Click Here for More Information on Evictions
(NJ) Same as above.

REDEMPTIONS

(J) No statutory right to redemption exists after the foreclosure sale takes place. The Mortgagor may reinstate the loan at any time prior to the foreclosure sale by paying, in full, all past due payments, accrued costs, attorneys fee~ and trustees costs.
(NJ)  Same as above.

REINSTATEMENTS

(J) Under Mississippi law, an account in foreclosure may be reinstated and the foreclosure stopped at any time prior to the moment of sale, provided all past due payments, accrued costs, attorney’s fees, and Trustee’s fees are paid in full. Miss. Code Ann. Section 89-1-59 (as amended). There is no statutory right to redemption after the foreclosure sale takes place.
(NJ) Same as above.

BANKRUPTCIES

. U.S. BankruptcyCourtCircuit: 5th
. Number Ofdistflcts in state: 2
. Number ofdelinquent months generally necessary for a Motion for 
  Relief: 2-3

Special Issues with Bankruptcy Rules or Procedures in State: Post-petition payments are usually paid by the trustee.

Common Pitfalls for Servicers to Avoid in State:

For a general overview offederal bankruptcy statutes, see the Bankruptcy section at the end ofthis Directory. For detailed information on how bankruptcy issues are handled in this state, including bankruptcy abuse, collection of attorneys’ fees, cramdowns, missed post-petition payments, objections to confirmation, reaffirmation agreements, and more, contactthe USFN for information on our Bankruptcy Training Pamphlet.

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