Mississippi Instruction to Jury Regarding Damages for Wrongful Foreclosure

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Foreclosure is the procedure by which a party who has loaned money secured by a mortgage or deed of trust on real property (or has an unpaid judgment), forces the sale of the real property to recover the money due, unpaid interest, plus the costs of foreclosure, after the debtor fails to make payment.


In most cases, a wrongful foreclosure action alleges that the amount stated as due and owing in the notice of default is incorrect for one or more of the following reasons: an incorrect interest rate adjustment, incorrect tax escrow collected, misapplied payments, or a forbearance agreement which was not adhered to by the servicer, Wrongful foreclosure actions are also brought when the servicers accept partial payments after initiation of the wrongful foreclosure process, then continue with the foreclosure.

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FAQ

On the contrary, Mississippi laws do not give the right of redemption after the foreclosure. The borrower may have the right to stop the non-judicial foreclosure when you ?reinstate? the loan, as long as the total overdue amount (including interest and fees) will be paid off.

Again, most residential foreclosures in Mississippi are nonjudicial. Once the 120-day waiting period that federal law generally requires ends, the lender will start a foreclosure using the process described in the Mississippi statutes. The process is quite different than in many other states.

On the contrary, Mississippi laws do not give the right of redemption after the foreclosure. The borrower may have the right to stop the non-judicial foreclosure when you ?reinstate? the loan, as long as the total overdue amount (including interest and fees) will be paid off.

Judicial: In Mississippi, the lenders can file in court for a judicial foreclosure proceeding, where the court must issue a final judgment of foreclosure. The property is then sold as part of a publicly noticed sale by the sheriff.

A homeowner has many options to stop a foreclosure in Mississippi, which are follows: Deed in lieu of foreclosure: The borrower transfers the property to lender, who then waives the mortgage debt and doesn't pursue foreclosure. Forbearance: The lender agrees to reduce or suspend payments for a period of time.

Non-Judicial: In Mississippi, the out-of-court foreclosure process is most common. A deed of trust usually includes contains a power of sale clause in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of default.

Florida is known as a judicial foreclosure state. This means the mortgage company is required to get approval from the court before they can proceed with a foreclosure process.

No Redemption Period After a Nonjudicial Foreclosure in Mississippi. Some states have a law that gives a foreclosed homeowner time after the foreclosure sale to redeem the property. In Mississippi, however, you don't get a post-sale redemption period after a foreclosure.

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Mississippi Instruction to Jury Regarding Damages for Wrongful Foreclosure