Articles Tagged with Mississippi Foreclosure

Mississippi is leading when it comes to mortgage delinquencies. In October 2011, there were more homeowners in Mississippi behind on house notes than in any other state of the union.

The Mortgage Bankers Association reported that there are 4.2 million homeowners across the nation more than 90 days late on their house note or are already in foreclosure status. Is this the indication of us being on the road to recovery that the media would us believe?

The fact is that mortgage service companies are not willing to provide modifications to help homeowners and as a result, foreclosures continue to rise. If you want to save your house, you cannot wait until the last minute, thinking a modification will come through.  Get your documents together and meet with a lawyer now that handles bankruptcy and foreclosure defense to learn what options you have available.  Get the information now  – before you need it.  Be prepared.  Plan ahead.  Think about it – what good is buying car insurance after the wreck? I continually meet with people that come in after the foreclosure sale date is set trying to figure out what they can do. In most cases we can still help and save the house, but it would have benefited the people so much more to have met with me as soon as their payments started falling behind.  Timing matters – and knowing your options is worth it’s weight in gold.  If you’re online, researching foreclosure because you’re worried about losing your home, the time is NOW to speak with someone. The most important thing is to save the home. There are options – the longer you wait, the less options there may be.

Foreclosure is the process that a mortgage company takes to repossess and sell your home when you fall behind in the payments.  In Mississippi, the mortgage company does not have to file a lawsuit against you and get an Order from the Court in order to sell your home.  In Mississippi, the mortgage company does not have to send you a letter telling you they are foreclosing and when the sale will be.  All they have to do is to run an ad in the newspaper and then auction your home.

When you fall behind on the mortgage, your mortgage company will typically send you a letter telling you that you have a thirty days or so to catch up before foreclosure proceedings start.  This is called an acceleration letter.  Once the mortgage has been accelerated, the mortgage company is no longer obligated to accept payments unless they are enough to catch up all of the past due amounts.  But this won’t be just the number of months that you think you are behind.  It will be all of the past due amounts they say you are behind, plus all of the fees and charges they have added on to your account, including foreclosure fees.

The lender must advertise the sale in the newspaper once a week for at least three weeks.  At the end of the advertising period, usually the fourth week, the foreclosure auction sale takes place on the courthouse steps.  Anyone can bid, including the mortgage company and the property goes to the highest bidder.