Finance
A Mississippi borrower defaults on their deed of trust. The trustee holds a 'trustee's sale' and sells the property to the highest bidder. This process is called:
AJudicial foreclosure
BNon-judicial foreclosure (foreclosure by power of sale)✓ Correct
CLis pendens
DDeed in lieu of foreclosure
Explanation
In Mississippi's deed of trust system, the trustee has the power of sale. Non-judicial (non-court) foreclosure allows the trustee to sell the property to satisfy the debt without a court proceeding, making it faster than judicial foreclosure.
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