Source: http://underwoodlawfirm.com/id14.html
Timestamp: 2019-03-25 03:17:14
Document Index: 533011058

Matched Legal Cases: ['§75', '§17', '§89', '§89', '§81', '§79', '§89']

Mississippi Foreclosure Statutes
MISSISSIPPI STATUTES:
Due on Sale: Miss. Code Ann §75-1-208. Option to Accelerate at Will. The option is to be exercised only in the good faith belief that the prospect of payment or performance is impaired. A provision providing that one party in interest may accelerate payment or performance or require collateral or additional collateral at will or when he deems himself insecure shall be construed to mean that he shall have power to do so only if he in good faith believes that the prospect of payment or performance is impaired. The burden of establishing lack of good faith is on the party against whom the power has been exercised.
Statute requiring good faith belief that loan had become insecure prior to acceleration does not apply to default-type acceleration clause, under which default is conditioned upon occurrence of event within control of debtor. [Peoples Bank and Trust Co. v. Cermack, 658 So. 2d 1352 (Miss. 1995)]
Escrow Administration: There is no state statute prohibiting an escrow cushion. However, there is a statute prohibiting the servicer from disclosing the expiration date of the insurance policy.
Hazardous Waste: Miss. Code Ann. §§17-17-1 et seq., 49-17-1 et seq., and 49-17-401 et seq., impose on an owner of real property substantial liability for clean up of contamination. Sale contracts and loan documents should include environmental affidavits and indemnities. There is no state statute prohibiting environmental affidavits and indemnities from borrower to lender.
Interest on Impound Accounts: No state statute requiring interests to be paid on the funds in an escrow account. Follow Instrument language.
Interest Rate Increases: There is no state statute on point regarding interest rate increases. Interest rates are governed by usury statute and may not be excessive. Follow instrument language.
Mortgage Insurance Cancellation: No statute or point regarding mortgage insurance cancellation.
REO Condition Disclosure: Sellers disclosures required by Miss. Code Ann. §§89-1-501 and 509 are exempted by Miss. Code Ann. §89-1-501(2)(b) as to transfers by a mortgagee or beneficiary of a deed of trust of property acquired though foreclosure or deed-in-lieu of foreclosure.
Resident Office: Miss. Code Ann §81-18-5 points to an in-state place of business as one (of several) factors to be determined as to whether a corporation is subject to the Mississippi Mortgage Consumer Protection Act effective July 1, 2000.
The maintenance of an office is also one of several factors in determining whether certain activities constitute the doing of business. Miss. Code Ann. §79-15-01.
Super Liens: Priority of liens are generally established in order of filing. Tax sale; if not redeemed by end of two years, a tax deed may be issued to a purchaser and if the tax sale was without flaws, purchasers gets good title. Condominium assessments are found in Miss. Code Ann. §89-9-21 and should be in accordance with a recorded declaration of restrictions.
Taxes: Taxes are due and payable on January 1, and are delinquent after January 31. Some cities may have different deadlines and inquires should be made of city taxes collector as to there deadlines and if collected by county.
Vacant Property Requirements: No state statute. See federal rules and regulations. Property may be subject to special assessments for clean-up by local authorities, if not maintained by owner.