Foreclosure and Bankruptcy in Mississippi

On Behalf of developers | March 3, 2025 | Bankruptcy,Foreclosure

You’ve worked hard and long to purchase your home – a place where your family feels safe and protected, where you rest your heads after a long day, where you build memories that last a lifetime. The thought of losing your home can be devastating. At Pond Law Firm, we understand that life’s curveballs happen to good people, sometimes resulting in financial distress that can feel overwhelming and hopeless. Don’t give up hope! When you work with an experienced law firm for bankruptcy and foreclosure in Mississippi, you soon realize that you have options. 

How Can I Stop Foreclosure on My Home?

In Mississippi, there are several methods of stopping the process of foreclosing on your home. All are best faced with the experienced knowledge of a bankruptcy and foreclosure lawyer on your side. Pond Law Firm is here to share the ins and outs of the foreclosure process in Mississippi and what we can do to delay or stop foreclosure on your home.

Foreclosure usually happens when you have failed to make your mortgage payments for an extended period of time. In Mississippi, most mortgage companies tend to begin this process after 120 days (or around 4 months) of missed payments. The foreclosure process can be judicial or non-judicial and most Misssisippi lenders utilize the non-judicial approach. This means they do not have to go to court to take back your home – for them, this is a faster, easier, and less expensive route to reclaiming homes that are in default. Don’t give up hope! Pond Law Firm can assist you in discovering methods of stopping foreclosure on your home while you catch your breath and we can also help you determine the best path forward. There are ways to delay or even prevent foreclosure on your home in Mississippi. 

• Seek a loan modification: Some lenders will negotiate with you on your loan terms, modifying your loan to make your payments more manageable. 
• Make forbearance agreements: You can ask your lender to provide a pause or reduction in payments while you get back on track.
• Sell in a short sale: You can ask your lender if you can sell your home for less than what you owe, enabling you to make some money on the sale and avoid losing your home altogether. 
• File for bankruptcy: The minute you file for bankruptcy, an automatic stay goes into effect which stops the foreclosure process while you figure out a way forward. If you file for Chapter 7, you will likely have several months to determine a plan which liquidates your assets, providing necessary funds to make payments on your home consistently moving forward. Chapter 13 may enable you to actually save your home, preventing foreclosure completely. This is accomplished through a reorganization of debt into a management repayment plan and an exempt property claim in a Chapter 13 bankruptcy petition in Mississippi.
• Hire a foreclosure lawyer: The best way to ensure your best interests are protected and to increase the odds that you can avoid foreclosure completely, is to have experienced legal representation on your side. 

Best Lawyer for Foreclosure Mississippi

If you have received a Mississippi foreclosure notice, or a foreclosure notice of default, contact Pond Law Firm today! Our experienced Mississippi foreclosure attorneys are standing by, ready to assist you in fighting for your cherished home!