Mississippi Foreclosure Laws

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Mississippi Foreclosure Laws

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Mississippi Foreclosure is both Judicial and Non-Judicial. The most common method used is Non-Judicial.

Mortgages and deeds of trust on land; to be referred to in deed of conveyance under foreclosure proceedings.

Mississippi foreclosure law states that if there shall be a foreclosure and sale under any such mortgage or deed of trust on land, the deed of conveyance made to a purchaser pursuant to a sale thereunder shall recite the names of all parties to and the date of such mortgage or deed of trust, and also the book and page of the record thereof, and if made by a substituted trustee shall also recite the book and page of the record of his substitution and appointment; but the omission of such recitations shall not invalidate the deed of conveyance.

Mississippi Foreclosure lands sold under Mortgages and Deeds in Trust

Mississippi foreclosure law states that all lands comprising a single tract, and wholly described by the subdivisions of the governmental surveys, sold under mortgages and deeds of trust, shall be sold in the manner provided by section one hundred eleven of the constitution for the sale of lands in pursuance of a decree of court, or under execution. All lands sold at public outcry under deeds of trust or other contracts shall be sold in the county in which the land is located, or in the county of the residence of the grantor, or one of the grantors in the trust deed, provided that where the land is situated in two or more counties, the parties may contract for a sale of the whole in any of the counties in which any part of the land lies. Sale of said lands shall be advertised for three consecutive weeks preceding such sale, in a newspaper published in the county, or, if none is so published, in some paper having a general circulation therein, and by posting one notice at the courthouse of the county where the land is situated, for said time, and such notice and advertisement shall disclose the name of the original mortgagor or mortgagors in said deed of trust or other contract. No sale of lands under a deed of trust or mortgage, shall be valid unless such sale shall have been advertised as herein provided for, regardless of any contract to the contrary. An error in the mode of sale such as makes the sale void will not be cured by any statute of limitations, except as to the ten-year statute of adverse possession.

Deed of Trust or Mortgage; how Mississippi Foreclosure sale made when terms not specified

If a deed of trust or mortgage, with a power of sale, be silent as to the place and terms of sale and mode of advertising, a sale may be made after condition broken, for cash, upon such notice, and at such time and place as is required for sheriff's sale of like property. But all such sales shall be made in the county where the land is located, or in the county of the residence of the grantor or one of the grantors, provided that where the land is situated in two or more counties, the parties may contract for a sale of the whole, or any part thereof, in either county in which a part of the land lies.

Accelerated debt may be Reinstated by Payment of all Default before Mississippi Foreclosure Sale.

Where there is a series of notes or installment payments secured by a deed of trust, mortgage or other lien, and a provision is inserted in such instrument to secure them to the effect that upon a failure to pay any one (1) note or installment, or the interest thereon, or any part thereof, or for failure to pay taxes or insurance premiums on the property described in such instrument and the subject of such lien, that all the debt secured thereby should become due and collectible, and for any such reason the entire indebtedness shall have been put in default or declared due, the debtor, or any interested party, may at any time before a Mississippi foreclosure sale be made under the terms and provisions of such instrument, or by virtue of such lien, stop a threatened sale under the powers contained in such instrument or stop any proceeding in any court to enforce such lien by paying the amount of the note or installment then due or past due by its terms, with all accrued costs, attorneys' fees and trustees' fees on the amount actually past due by the terms of such instrument or lien, rather than the amount accelerated, and such taxes or insurance premiums due and not paid, with proper interest thereon, if such should have been paid by any interested party to such instrument. Any such payment or payments shall reinstate, according to the terms of such instrument, the amount so accelerated, the same as if such amount not due by its terms had not been accelerated or put in default.

Deed of Trust or Mortgage; Power of Sale; Relationship of Trustee to other party to Deed of Trust; Beneficiary may Purchase at Mississippi Foreclosure Sale made under Power of Sale.
(1) A deed of trust or mortgage may be in the form of a conveyance, to the end, before the words "witness my signature," and then as follows, viz.: "In trust to secure (here state what is secured, and all the necessary provisions).

"Witness my signature, the ________ day of ________, A. D. ________________________"

Notwithstanding the form of conveyance, any deed of trust or mortgage which has been made or shall hereafter be made may confer on the trustee or mortgagee and their successors, assignees and agents the power of sale. Furthermore, any person may be appointed and may perform the duties of the trustee in a deed of trust, and such person shall not be disqualified nor shall the acts of such person be invalid because of the relationship of such person to any other party to the deed of trust. The beneficiary of a deed of trust or the mortgagee of a mortgage may purchase at any sale which has been made or shall hereafter be made under a power of sale, and any such sale shall not be invalid because of the relationship of such person to any other party to the deed of trust.

Sheriff's Conveyance.

A conveyance of land sold by a sheriff under execution may be in the following form, and shall be sufficient to convey all of the title of the defendant in the execution, which any conveyance such officer might make would in such case convey; and a conveyance by a constable in like form, the proper changes being made, shall have the like effect in case of sale made by him, viz.:

"By virtue of an execution issued by the clerk of the circuit court of ________ county, on the ________ day of ________, A.D. ________, returnable before said court on the ________ Monday of ________, A.D. ________, to enforce the judgment of said court, rendered on the ________ day of ________, A.D. ________, in favor of ________ against ________, for ________ dollars, and costs, I, as sheriff of ________ county, have this day, according to law, sold the following lands, to wit: [here describe the land]; when ________ became the best bidder therefore at the sum of ________ dollars, and he having paid said sum of money, I now convey said land to him.
"Witness my hand, the ________, A. D. ________________________ Sheriff."

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