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 to Enjoin Foreclosure Sale and Seeking Ascertainment of Amount Owed on Note and Deed of Trust
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How to fill out Petition To Enjoin Foreclosure Sale And Seeking Ascertainment Of Amount Owed On Note And Deed Of Trust?
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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.
Drawbacks Of A Deed In Lieu No guarantee of acceptance: Your lender isn't obligated to accept your deed in lieu of foreclosure. Your credit will still take a hit: While a deed in lieu arrangement won't harm your credit as drastically as a foreclosure, you can still expect your score to drop.
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.
Similar to a short sale, a deed in lieu of foreclosure likely will not damage your credit as severely as a foreclosure or a bankruptcy. As noted above, the burden of selling your home shifts to someone else, so it may be more appealing than a short sale.
Yes, a deed in lieu of foreclosure harms your credit, but less so than a foreclosure would. If you obtain a deed in lieu, your mortgage will be listed on your credit reports as closed with a zero balance, but not paid in full. This is a negative entry that will remain on your credit report for up to seven years.
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.
Mississippi is a state where mortgage holders may foreclose on mortgages or deeds of trusts that are in default by either judicial or non-judicial foreclosure processes. If the deed of trust or the mortgage contains no power of sale clause, the lender must seek an order to foreclose from the civil courts.
Disadvantages to Lender A lender should also hesitate before accepting a lieu deed where there are outstanding subordinate liens or judgments against the property. In such a situation, the lender will have to foreclose its mortgage, with the attendant expense and time involved to obtain clear title.