The courts have inherent power to restrain the sale of mortgaged premises in foreclosure proceedings, but are reluctant to exercise such power except where it is shown that particular circumstances, extrinsic to the instrument, would render its enforcement in this manner inequitable and work irreparable injury, and that complainant has no adequate remedy at law. Furthermore, a party must show a probable right of recovery in order to obtain a temporary injunction of a foreclosure action.
Mississippi Petition or Complaint to Enjoin Nonjudicial Foreclosure Sale and for Declaratory Relief
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FAQ
Nonjudicial foreclosures occur if your mortgage has a power of sale clause, and allow your mortgage company to auction off your home after a warning and waiting period. Nonjudicial foreclosures can be a faster process than judicial foreclosures as they do not involve having to go to court.
Judicial Foreclosure These auctions are commonly referred to as sheriff sales. In a strict foreclosure, the court sets a date by which the owner must pay the mortgage, and if the owner fails to pay, the court awards ownership of the home to the lender with no auction taking place.
Faster. If there are no delays, foreclosing on a commercial property without going to court can take as short as a few months. This allows the lender to proceed with the sale as long as the right sequence of notices has been issued.
The lender or company who manages the mortgage account (the servicer) must contact you (or at least try to) to discuss ways to avoid foreclosure before starting the process. The servicer must give you one person to contact during the foreclosure process.
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. If you are facing foreclosure, it might be possible to prevent it through filing for bankruptcy, loan modification, or lawsuit filing.
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.
Nonjudicial Foreclosure Requirements in Mississippi The foreclosing lender must publish a notice of sale for three consecutive weeks before the sale date and post notice on the courthouse door. That's it. Then the lender may then sell the home at a foreclosure sale.