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Equity of redemption (also termed right of redemption or equitable right of redemption) is a defaulting mortgagor's right to prevent foreclosure proceedings on the property and redeem the mortgaged property by discharging the debt secured by the mortgage within a reasonable amount of time (thereby curing the default).
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.
Put your name, address, phone number, loan number, and date on the top of the letter. List the name and address of your lender. information about any money you have saved for a workout agreement. Tell the lender you are working with a foreclosure counselor and include their name and agency.
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.
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.
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.
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.