Foreclosure in Mississippi is quite different from other states, although it uses a non-judicial foreclosure process, a foreclosure occurs faster than other states using a similar process. Within a few weeks of receiving a foreclosure notice, your home can be sold and you will be given an eviction notice. It’s a scary process for most homeowners because time ticks faster when you’re facing foreclosure. However, the remedy to this is not to panic but to take constructive steps immediately.
Here are some steps you can take immediately to stop foreclosure in Mississippi:
You should be able to draft and edit a hardship letter within a day or two, this will allow you to inform your lender of your financial difficulties and request that the foreclosure be canceled. You should be as brief as possible and at the same time detailed, make sure to list out situations leading to your difficulties and how you plan to bounce back. If you can get your lender to believe in your ability to pay back the loan, the foreclosure will be postponed or canceled.
You can do this through a hardship letter or contact your lender directly and make the request. Most lenders are reluctant to grant a loan modification once a foreclosure proceeding has been initiated, however, if your offer looks good, you will be considered. You should do this as soon as you can and don’t waste any more time. A loan modification will help you make changes to your loan agreement and payment plans.
If you still have enough time or probably just received a foreclosure notice, you can file a lawsuit to stop foreclosure. However, it takes time, and depending on the court’s schedule, your home might be sold before a hearing is scheduled. Put in mind that a foreclosure process in Mississippi is fast and you should only file for a lawsuit if you know you will be attended to early.
For information on foreclosure defense call us at (877) 399 2995. We offer litigation document review support, mortgage audit reports, securitization audit reports, affidavit of expert witness notarized, and more.