Finance
A Mississippi homeowner who is 90 days past due on their mortgage receives a notice of the foreclosure sale date (trustee's sale). Under Mississippi's non-judicial foreclosure process, the homeowner's options include:
ANo options — foreclosure is automatic
BReinstating the loan (paying all arrears and fees), negotiating a loan modification, short sale, deed in lieu, or filing for bankruptcy to trigger an automatic stay✓ Correct
COnly filing for bankruptcy
DWaiting until the actual sale date to take action
Explanation
Even after receiving a foreclosure sale notice, Mississippi homeowners have options: loan reinstatement (cure all defaults before the sale), loan modification negotiation with the servicer, short sale (with lender approval), deed in lieu, or bankruptcy (which triggers an automatic stay halting foreclosure). Acting quickly is essential — options narrow as the sale date approaches.
Related Mississippi Finance Questions
- Mississippi's Community Development Financial Institutions (CDFIs) provide financing to:
- A Mississippi buyer is obtaining an adjustable-rate mortgage with a 5/1 ARM structure. This means:
- A Mississippi lender offers a mortgage with 'points' to buy down the interest rate. One discount point equals:
- A Mississippi lender charges a 'prepayment penalty' on a mortgage. This means the borrower:
- Under TRID, the Closing Disclosure must be received by the borrower at least how many business days before closing?
- A Mississippi borrower's loan is 'conforming' because it:
- A Mississippi property is purchased with an FHA loan. The seller agrees to pay 4% of the purchase price in closing cost concessions. If the purchase price is $180,000, the maximum seller concession is:
- A Mississippi homebuyer is considering a 'piggyback' loan (80-10-10 financing). This structure means the buyer takes:
Practice More Mississippi Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Mississippi Quiz →