Our broad range of Mississippi home foreclosures for sale offer an array of bargains, with daily updates on all Mississippi foreclosure listings.
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The state of Mississippi is located in the southeastern region of North America; its surrounding states include Tennessee, Alabama, Arkansas and Louisiana. The major cities situated across the state are Hattiesburg, Gulfport, and Jackson, which is the state's capital, as well as Meridian, to name a few. The surrounding counties include Hinds County, Jackson County, Lauderdale County and Rankin County. Geographically speaking, the land is comprised of flatlands that permeate across the delta border near the sandy landscapes of the Gulf of New Mexico, along with widespread hills and valleys situated in the states northeast.
Mississippi's economy once thrived on the production of cotton, though nowadays the state's revenue is more spread out. The agricultural industry still remains to be an important aspect for the state, which contributes greatly towards the health of the economy through livestock and crop production. The main sources of income for the industry include broilers, catfish, soybeans and cattle, with its production of sweet potatoes, rice and corn also playing an important part. In terms of its mining industry, petroleum and natural gas serve as the largest contributors to the state, along with clay, limestone and gravel. Services such as local and national businesses including hotels, law firms and private health care produce high revenues. Mississippi generates a large amount of income from the casino gambling sector as well. The meat-packaging sector contributes much of the state's income in regards to the manufacturing sector, along with furniture and upholstery production being widely renowned across Mississippi.
Demographically speaking, Mississippi has a burgeoning population of over 2,967,000 people, with Jackson being the most populous city in the state. It also has a strong presence of English and Scottish ancestry, followed by a widespread culture of Natives and African Americans across the state.
Many well known events are held annually in Mississippi, such as the Magnolia Independent Film Festival in Starkville, along with the USA International Ballet Competition. The state promotes a wide array of other arts in the field too, including its long history of blues music.
The housing market in Jackson indicates steady figures, with median listing prices currently at $85,000, making a low-price range for many Mississippi home foreclosures. These trends have remained consistent over the past few years, with little in terms of varying prices, along with most Mississippi foreclosures.
While the state of Mississippi allows judicial foreclosures, most foreclosures are non-judicial. A judicial foreclosure occurs if a mortgage does not include a Power of Sale clause, which entitles the lender to foreclose on a borrower (homeowner) found to be in default without obtaining a court ruling. It is then up to the court to schedule and conduct the foreclosure sale. In the case of a non-judicial foreclosure, the lender usually provides the homeowner with a Notice of Default 30 days before scheduling a sale. If the homeowner does not respond, then the process of foreclosure begins. In any case, the homeowner has the power to halt the foreclosure at any point up until the date of the sale by paying off the default amount owed.
Prior to the foreclosure sale, a Notice of Sale must be posted on the door of the county courthouse and published weekly for three consecutive weeks in a local newspaper. The sale can be postponed by announcing the postponement at the scheduled time and location of the sale.
On the day of the sale, a "trustee" (appointed by the lender) auctions off the property to the highest bidder. The winner, if other than the lender, must present the total amount of their bid in either cash or certified funds directly following the sale. If they cannot provide payment immediately, a new sale must be scheduled and published. If payment is secured, then the winning bidder is presented with a deed to the property and assumed full ownership. Any surplus generated by the sale in excess of the original mortgage loan is divided equally among any Junior Lien holders (anyone else who might have provided mortgage loans to the homeowner).
The foreclosure sale is final, and the original homeowner retains no rights to redemption.
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