Petitioner states that he/she disputes the amount allegedly due to a creditor. Petitioner requests an itemized report of his/her payments and that an explanation of the entries accompany the itemized report. Petitioner also demands that all actions cease until an accurate verification of the debt and the amount due is provided to him/her.
Mississippi Letter to Foreclosure Attorney - Payment Dispute
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How to fill out Letter To Foreclosure Attorney - Payment Dispute?
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Many Mississippi deeds of trust have a provision that requires the lender to send a notice, commonly called a "breach letter," informing you that the loan is in default before the lender can accelerate the loan. The breach letter gives you a chance to cure the default and avoid foreclosure.
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.
This can be done after the non-judicial foreclosure through a lawsuit to be filed against the borrower within one year from the sale date. In other states, the borrowers are given a certain time to redeem a foreclosed property. On the contrary, Mississippi laws do not give the right of redemption after the foreclosure.
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.
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.
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.
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.
