SlideShare a Scribd company logo
17 USC § 107 Limitations on Exclusive Rights – FAIR USE
MISSISSIPPI
REAL ESTATE
FORECLOSURE LAW
(Second Edition)
TRUSTEE’S CHECKLIST
1. Request that the mortgagee bring the original promissory note and deed of trust
or send a true copy thereof to your office.
2. Examine the note and deed of trust to determine:
a. the provisions contained therein pertaining to default, acceleration,
and foreclosure.
b. the party ordering foreclosure is the lawful holder.
c. the note reflects all charges and credits that are proper.
d. the note does not show payment or any other defense.
3. Determine that the mortgagee has given notices and made all demands
required by law or by the note and deed of trust. If not, decide who will
make them. Inquire whether the mortgagee wishes you to make any further
demands for payment prior to giving notice of sale.
4. Ascertain whether the mortgagor is still in possession of the property.
5. Determine that the mortgagee has not established a pattern of conduct of
forgiving strict performance by the mortgagor which may necessitate a
different course of action.
6. Determine amount of arrearage, late fees, other charges, and current escrow
balance.
7. Determine if a U.C.C. search is required.
8. Inspect the property to determine if there is construction in progress or if an
environmental assessment should be made before the sale.
9. Examine any leases and occupancy agreements affecting the property.
10. If the deed of trust in question is a second mortgage loan, determine that the
mortgagor is ready to assume the payment of the first mortgage loan and that
there is enough equity to cover foreclosure costs and any arrearage on the first
mortgage loan.
11. Prepare instruction letter to trustee for mortgagee’s execution covering the
following points:
a. whether any further demand is to be made of the mortgagor.
b. bidding instructions in the event the mortgagee will not be present or
represented at the sale.
c. the extent of the trustee’s authority to accept a down payment and
allow time for payment of the purchase money in the event a third
party is the purchaser.
12. If it is necessary to appoint a substituted trustee, the substitution should be
prepared and recorded prior to commencement of advertisement.
13. Advise the mortgagee of all expenses for which the mortgagor may be held
accountable.
14. Determine the necessity of conducting a sale of personal property under
Mississippi Code Annotated section 75-9-504, and determine the portion of the
debt the mortgagee wishes to allocate to the personal property for bidding
purposes.
15. Consider the advisability of having a receiver appointed to preserve the income
from the property. (See section 4-23, supra.)
16. Consider the possibility or advisability of accepting a deed in lieu of foreclosure.
(See section 5-1, supra.)
17. Determine that foreclosure procedure will comply with VA (C.F.R. section
36.4300 et seq.) and FHA (C.F.R. sections 203.330 to 203.369) regulations.
18. Confirm that all conditions to acceleration have occurred or been satisfied.
From: Mississippi Real Estate Foreclosure Law – with forms
– Second Edition (K. F. Boackle)

More Related Content

What's hot

3) free on board
3) free  on board3) free  on board
3) free on board
ilyana iskandar
 
Lecture 15 conditions, warranties and implied terms
Lecture 15 conditions, warranties and implied termsLecture 15 conditions, warranties and implied terms
Lecture 15 conditions, warranties and implied termsfatima d
 
Introduction to Offer: Advertisement, Auction and Tender
Introduction to Offer: Advertisement, Auction and TenderIntroduction to Offer: Advertisement, Auction and Tender
Introduction to Offer: Advertisement, Auction and Tender
Preeti Sikder
 
4) cost, insurance and freigh [c.i.f]
4) cost, insurance and freigh [c.i.f]4) cost, insurance and freigh [c.i.f]
4) cost, insurance and freigh [c.i.f]
ilyana iskandar
 
Doctrine of caveat emptor
Doctrine of caveat emptorDoctrine of caveat emptor
Doctrine of caveat emptor
Amulya Nigam
 
Contract for consultancy services time based - c special conditions
Contract for consultancy services   time based - c special conditionsContract for consultancy services   time based - c special conditions
Contract for consultancy services time based - c special conditionsJoy Irman
 
Arbitration In India
Arbitration In IndiaArbitration In India
Arbitration In India
MANSI DHINGRA
 
Interim Injunctions to Freeze Assets in Fraud Cases
Interim Injunctions to Freeze Assets in Fraud CasesInterim Injunctions to Freeze Assets in Fraud Cases
Interim Injunctions to Freeze Assets in Fraud Cases
ppengelley
 
INTERNATIONAL SHIPPING TERMS , INCOTERMS
 INTERNATIONAL SHIPPING TERMS , INCOTERMS INTERNATIONAL SHIPPING TERMS , INCOTERMS
INTERNATIONAL SHIPPING TERMS , INCOTERMS
Aman Dwivedi
 
Chapter 22 – Remedies for Breach of Sales Contracts
Chapter 22 – Remedies for Breach of Sales ContractsChapter 22 – Remedies for Breach of Sales Contracts
Chapter 22 – Remedies for Breach of Sales ContractsUAF_BA330
 
Types of contract
Types of contractTypes of contract
Types of contract
LeninM9
 
LAW OF CARRIAGE OF GOODS.
LAW OF CARRIAGE OF GOODS.LAW OF CARRIAGE OF GOODS.
LAW OF CARRIAGE OF GOODS.
KhizranKhalid
 
Tendering and Procurement Basics
Tendering and Procurement BasicsTendering and Procurement Basics
Tendering and Procurement Basics
SHKLaw
 
The Law of Tendering
The Law of TenderingThe Law of Tendering
The Law of Tendering
Now Dentons
 
When Conveyances Go Wrong - Purchaser’s Remedies for Vendor Breaches
When Conveyances Go Wrong - Purchaser’s Remedies for Vendor BreachesWhen Conveyances Go Wrong - Purchaser’s Remedies for Vendor Breaches
When Conveyances Go Wrong - Purchaser’s Remedies for Vendor BreachesLaina Chan
 
Tendering & Procurement Overview
Tendering & Procurement OverviewTendering & Procurement Overview
Tendering & Procurement Overview
Vanessa S. Werden
 
Project dispute avoidance and mitigation through conciliation and arbitration
Project dispute avoidance and mitigation through conciliation and arbitrationProject dispute avoidance and mitigation through conciliation and arbitration
Project dispute avoidance and mitigation through conciliation and arbitration
Dr K M SONI
 

What's hot (19)

3) free on board
3) free  on board3) free  on board
3) free on board
 
Lecture 15 conditions, warranties and implied terms
Lecture 15 conditions, warranties and implied termsLecture 15 conditions, warranties and implied terms
Lecture 15 conditions, warranties and implied terms
 
Introduction to Offer: Advertisement, Auction and Tender
Introduction to Offer: Advertisement, Auction and TenderIntroduction to Offer: Advertisement, Auction and Tender
Introduction to Offer: Advertisement, Auction and Tender
 
4) cost, insurance and freigh [c.i.f]
4) cost, insurance and freigh [c.i.f]4) cost, insurance and freigh [c.i.f]
4) cost, insurance and freigh [c.i.f]
 
Doctrine of caveat emptor
Doctrine of caveat emptorDoctrine of caveat emptor
Doctrine of caveat emptor
 
Contract for consultancy services time based - c special conditions
Contract for consultancy services   time based - c special conditionsContract for consultancy services   time based - c special conditions
Contract for consultancy services time based - c special conditions
 
Arbitration In India
Arbitration In IndiaArbitration In India
Arbitration In India
 
Interim Injunctions to Freeze Assets in Fraud Cases
Interim Injunctions to Freeze Assets in Fraud CasesInterim Injunctions to Freeze Assets in Fraud Cases
Interim Injunctions to Freeze Assets in Fraud Cases
 
INTERNATIONAL SHIPPING TERMS , INCOTERMS
 INTERNATIONAL SHIPPING TERMS , INCOTERMS INTERNATIONAL SHIPPING TERMS , INCOTERMS
INTERNATIONAL SHIPPING TERMS , INCOTERMS
 
Chapter 22 – Remedies for Breach of Sales Contracts
Chapter 22 – Remedies for Breach of Sales ContractsChapter 22 – Remedies for Breach of Sales Contracts
Chapter 22 – Remedies for Breach of Sales Contracts
 
Types of contract
Types of contractTypes of contract
Types of contract
 
LAW OF CARRIAGE OF GOODS.
LAW OF CARRIAGE OF GOODS.LAW OF CARRIAGE OF GOODS.
LAW OF CARRIAGE OF GOODS.
 
Tendering and Procurement Basics
Tendering and Procurement BasicsTendering and Procurement Basics
Tendering and Procurement Basics
 
Lecture 2 agreement chart
Lecture 2   agreement chartLecture 2   agreement chart
Lecture 2 agreement chart
 
The Law of Tendering
The Law of TenderingThe Law of Tendering
The Law of Tendering
 
When Conveyances Go Wrong - Purchaser’s Remedies for Vendor Breaches
When Conveyances Go Wrong - Purchaser’s Remedies for Vendor BreachesWhen Conveyances Go Wrong - Purchaser’s Remedies for Vendor Breaches
When Conveyances Go Wrong - Purchaser’s Remedies for Vendor Breaches
 
Lease signing basics
Lease signing basicsLease signing basics
Lease signing basics
 
Tendering & Procurement Overview
Tendering & Procurement OverviewTendering & Procurement Overview
Tendering & Procurement Overview
 
Project dispute avoidance and mitigation through conciliation and arbitration
Project dispute avoidance and mitigation through conciliation and arbitrationProject dispute avoidance and mitigation through conciliation and arbitration
Project dispute avoidance and mitigation through conciliation and arbitration
 

Similar to 012718 MISSISSIPPI REAL ESTATE FORECLOSURE LAW

Specific Performance for Sale of Property in NY
Specific Performance for Sale of Property in NYSpecific Performance for Sale of Property in NY
Specific Performance for Sale of Property in NYMichael W. Staib
 
Prac pp chp 10
Prac pp chp 10Prac pp chp 10
Prac pp chp 10
Cyrus Helf
 
Agency.pptx
Agency.pptxAgency.pptx
Agency.pptx
nunyabizness9
 
Recoveries & Foreclosures.ppt
Recoveries & Foreclosures.pptRecoveries & Foreclosures.ppt
Recoveries & Foreclosures.ppt
eloncrypto45
 
Remedies of Contract Law | Main Principles
Remedies of Contract Law | Main PrinciplesRemedies of Contract Law | Main Principles
Remedies of Contract Law | Main Principles
sahansathsarawegiriy1
 
Chapter 15 Condition of property the seller’s disclosures .docx
Chapter 15 Condition of property the seller’s disclosures   .docxChapter 15 Condition of property the seller’s disclosures   .docx
Chapter 15 Condition of property the seller’s disclosures .docx
keturahhazelhurst
 
Chapter 15 Condition of property the seller’s disclosures .docx
Chapter 15 Condition of property the seller’s disclosures   .docxChapter 15 Condition of property the seller’s disclosures   .docx
Chapter 15 Condition of property the seller’s disclosures .docx
bartholomeocoombs
 
Cps residential (2)
Cps   residential (2)Cps   residential (2)
Cps residential (2)
LolaOduwole
 
Specific performance, can parties contract out
Specific performance, can parties contract outSpecific performance, can parties contract out
Specific performance, can parties contract outjoseph-omwenga
 
Heath Global - 492_B.R._650
Heath Global - 492_B.R._650Heath Global - 492_B.R._650
Heath Global - 492_B.R._650James Glucksman
 
Business laws
Business lawsBusiness laws
Business laws
Chandresh Madhyan
 
Reo reo advisory - 411
Reo   reo advisory - 411Reo   reo advisory - 411
Reo reo advisory - 411cdukelow
 
Opposition.Final
Opposition.FinalOpposition.Final
Opposition.FinalMark Sharf
 
Specific performance
Specific performanceSpecific performance
Specific performance
Ummi Rahimi
 
Saylor URL httpwww.saylor.orgbooks Saylor.org 701 .docx
Saylor URL httpwww.saylor.orgbooks  Saylor.org  701 .docxSaylor URL httpwww.saylor.orgbooks  Saylor.org  701 .docx
Saylor URL httpwww.saylor.orgbooks Saylor.org 701 .docx
anhlodge
 
Specific Releif Act 1877
Specific Releif Act 1877Specific Releif Act 1877
Specific Releif Act 1877
Asian Paint Bangladesh Ltd
 
The chapter 7 discharge
The chapter 7 dischargeThe chapter 7 discharge
The chapter 7 discharge
Jeffrey Cancilla
 
How to Get Out of Your Timeshare
How to Get Out of Your TimeshareHow to Get Out of Your Timeshare
How to Get Out of Your Timeshare
PotomacLegalGroup
 
Az Legal Contract Buyers/Sellers - 8/2019 current
Az Legal Contract Buyers/Sellers - 8/2019 currentAz Legal Contract Buyers/Sellers - 8/2019 current
Az Legal Contract Buyers/Sellers - 8/2019 current
Heather McClaren
 
WORKSHOP 2 FIRM B1 MORTGAGES.pptx
WORKSHOP 2 FIRM B1 MORTGAGES.pptxWORKSHOP 2 FIRM B1 MORTGAGES.pptx
WORKSHOP 2 FIRM B1 MORTGAGES.pptx
AchanCynthia
 

Similar to 012718 MISSISSIPPI REAL ESTATE FORECLOSURE LAW (20)

Specific Performance for Sale of Property in NY
Specific Performance for Sale of Property in NYSpecific Performance for Sale of Property in NY
Specific Performance for Sale of Property in NY
 
Prac pp chp 10
Prac pp chp 10Prac pp chp 10
Prac pp chp 10
 
Agency.pptx
Agency.pptxAgency.pptx
Agency.pptx
 
Recoveries & Foreclosures.ppt
Recoveries & Foreclosures.pptRecoveries & Foreclosures.ppt
Recoveries & Foreclosures.ppt
 
Remedies of Contract Law | Main Principles
Remedies of Contract Law | Main PrinciplesRemedies of Contract Law | Main Principles
Remedies of Contract Law | Main Principles
 
Chapter 15 Condition of property the seller’s disclosures .docx
Chapter 15 Condition of property the seller’s disclosures   .docxChapter 15 Condition of property the seller’s disclosures   .docx
Chapter 15 Condition of property the seller’s disclosures .docx
 
Chapter 15 Condition of property the seller’s disclosures .docx
Chapter 15 Condition of property the seller’s disclosures   .docxChapter 15 Condition of property the seller’s disclosures   .docx
Chapter 15 Condition of property the seller’s disclosures .docx
 
Cps residential (2)
Cps   residential (2)Cps   residential (2)
Cps residential (2)
 
Specific performance, can parties contract out
Specific performance, can parties contract outSpecific performance, can parties contract out
Specific performance, can parties contract out
 
Heath Global - 492_B.R._650
Heath Global - 492_B.R._650Heath Global - 492_B.R._650
Heath Global - 492_B.R._650
 
Business laws
Business lawsBusiness laws
Business laws
 
Reo reo advisory - 411
Reo   reo advisory - 411Reo   reo advisory - 411
Reo reo advisory - 411
 
Opposition.Final
Opposition.FinalOpposition.Final
Opposition.Final
 
Specific performance
Specific performanceSpecific performance
Specific performance
 
Saylor URL httpwww.saylor.orgbooks Saylor.org 701 .docx
Saylor URL httpwww.saylor.orgbooks  Saylor.org  701 .docxSaylor URL httpwww.saylor.orgbooks  Saylor.org  701 .docx
Saylor URL httpwww.saylor.orgbooks Saylor.org 701 .docx
 
Specific Releif Act 1877
Specific Releif Act 1877Specific Releif Act 1877
Specific Releif Act 1877
 
The chapter 7 discharge
The chapter 7 dischargeThe chapter 7 discharge
The chapter 7 discharge
 
How to Get Out of Your Timeshare
How to Get Out of Your TimeshareHow to Get Out of Your Timeshare
How to Get Out of Your Timeshare
 
Az Legal Contract Buyers/Sellers - 8/2019 current
Az Legal Contract Buyers/Sellers - 8/2019 currentAz Legal Contract Buyers/Sellers - 8/2019 current
Az Legal Contract Buyers/Sellers - 8/2019 current
 
WORKSHOP 2 FIRM B1 MORTGAGES.pptx
WORKSHOP 2 FIRM B1 MORTGAGES.pptxWORKSHOP 2 FIRM B1 MORTGAGES.pptx
WORKSHOP 2 FIRM B1 MORTGAGES.pptx
 

Recently uploaded

ALL EYES ON RAFAH BUT WHY Explain more.pdf
ALL EYES ON RAFAH BUT WHY Explain more.pdfALL EYES ON RAFAH BUT WHY Explain more.pdf
ALL EYES ON RAFAH BUT WHY Explain more.pdf
46adnanshahzad
 
Car Accident Injury Do I Have a Case....
Car Accident Injury Do I Have a Case....Car Accident Injury Do I Have a Case....
Car Accident Injury Do I Have a Case....
Knowyourright
 
Highlights_of_Bhartiya_Nyaya_Sanhita.pptx
Highlights_of_Bhartiya_Nyaya_Sanhita.pptxHighlights_of_Bhartiya_Nyaya_Sanhita.pptx
Highlights_of_Bhartiya_Nyaya_Sanhita.pptx
anjalidixit21
 
Roles of a Bankruptcy Lawyer John Cavitt
Roles of a Bankruptcy Lawyer John CavittRoles of a Bankruptcy Lawyer John Cavitt
Roles of a Bankruptcy Lawyer John Cavitt
johncavitthouston
 
Responsibilities of the office bearers while registering multi-state cooperat...
Responsibilities of the office bearers while registering multi-state cooperat...Responsibilities of the office bearers while registering multi-state cooperat...
Responsibilities of the office bearers while registering multi-state cooperat...
Finlaw Consultancy Pvt Ltd
 
Abdul Hakim Shabazz Deposition Hearing in Federal Court
Abdul Hakim Shabazz Deposition Hearing in Federal CourtAbdul Hakim Shabazz Deposition Hearing in Federal Court
Abdul Hakim Shabazz Deposition Hearing in Federal Court
Gabe Whitley
 
XYZ-v.-state-of-Maharashtra-Bombay-HC-Writ-Petition-6340-2023.pdf
XYZ-v.-state-of-Maharashtra-Bombay-HC-Writ-Petition-6340-2023.pdfXYZ-v.-state-of-Maharashtra-Bombay-HC-Writ-Petition-6340-2023.pdf
XYZ-v.-state-of-Maharashtra-Bombay-HC-Writ-Petition-6340-2023.pdf
bhavenpr
 
EMPLOYMENT LAW AN OVERVIEW in Malawi.pptx
EMPLOYMENT LAW  AN OVERVIEW in Malawi.pptxEMPLOYMENT LAW  AN OVERVIEW in Malawi.pptx
EMPLOYMENT LAW AN OVERVIEW in Malawi.pptx
MwaiMapemba
 
ADR in criminal proceeding in Bangladesh with global perspective.
ADR in criminal proceeding in Bangladesh with global perspective.ADR in criminal proceeding in Bangladesh with global perspective.
ADR in criminal proceeding in Bangladesh with global perspective.
Daffodil International University
 
new victimology of indonesian law. Pptx.
new victimology of indonesian law. Pptx.new victimology of indonesian law. Pptx.
new victimology of indonesian law. Pptx.
niputusriwidiasih
 
一比一原版麻省理工学院毕业证(MIT毕业证)成绩单如何办理
一比一原版麻省理工学院毕业证(MIT毕业证)成绩单如何办理一比一原版麻省理工学院毕业证(MIT毕业证)成绩单如何办理
一比一原版麻省理工学院毕业证(MIT毕业证)成绩单如何办理
o6ov5dqmf
 
Bharatiya Nagarik Suraksha Sanhita power.pptx
Bharatiya Nagarik Suraksha Sanhita power.pptxBharatiya Nagarik Suraksha Sanhita power.pptx
Bharatiya Nagarik Suraksha Sanhita power.pptx
ShivkumarIyer18
 
1比1制作(swansea毕业证书)英国斯旺西大学毕业证学位证书托业成绩单原版一模一样
1比1制作(swansea毕业证书)英国斯旺西大学毕业证学位证书托业成绩单原版一模一样1比1制作(swansea毕业证书)英国斯旺西大学毕业证学位证书托业成绩单原版一模一样
1比1制作(swansea毕业证书)英国斯旺西大学毕业证学位证书托业成绩单原版一模一样
9ib5wiwt
 
Notes-on-Prescription-Obligations-and-Contracts.doc
Notes-on-Prescription-Obligations-and-Contracts.docNotes-on-Prescription-Obligations-and-Contracts.doc
Notes-on-Prescription-Obligations-and-Contracts.doc
BRELGOSIMAT
 
怎么购买(massey毕业证书)新西兰梅西大学毕业证学位证书注册证明信原版一模一样
怎么购买(massey毕业证书)新西兰梅西大学毕业证学位证书注册证明信原版一模一样怎么购买(massey毕业证书)新西兰梅西大学毕业证学位证书注册证明信原版一模一样
怎么购买(massey毕业证书)新西兰梅西大学毕业证学位证书注册证明信原版一模一样
9ib5wiwt
 
Daftar Rumpun, Pohon, dan Cabang Ilmu (28 Mei 2024).pdf
Daftar Rumpun, Pohon, dan Cabang Ilmu (28 Mei 2024).pdfDaftar Rumpun, Pohon, dan Cabang Ilmu (28 Mei 2024).pdf
Daftar Rumpun, Pohon, dan Cabang Ilmu (28 Mei 2024).pdf
akbarrasyid3
 
The Reserve Bank of India Act, 1934.pptx
The Reserve Bank of India Act, 1934.pptxThe Reserve Bank of India Act, 1934.pptx
The Reserve Bank of India Act, 1934.pptx
nehatalele22st
 
Secure Your Brand: File a Trademark Today
Secure Your Brand: File a Trademark TodaySecure Your Brand: File a Trademark Today
Secure Your Brand: File a Trademark Today
Trademark Quick
 
Donald_J_Trump_katigoritirio_stormi_daniels.pdf
Donald_J_Trump_katigoritirio_stormi_daniels.pdfDonald_J_Trump_katigoritirio_stormi_daniels.pdf
Donald_J_Trump_katigoritirio_stormi_daniels.pdf
ssuser5750e1
 
Debt Mapping Camp bebas riba to know how much our debt
Debt Mapping Camp bebas riba to know how much our debtDebt Mapping Camp bebas riba to know how much our debt
Debt Mapping Camp bebas riba to know how much our debt
ssuser0576e4
 

Recently uploaded (20)

ALL EYES ON RAFAH BUT WHY Explain more.pdf
ALL EYES ON RAFAH BUT WHY Explain more.pdfALL EYES ON RAFAH BUT WHY Explain more.pdf
ALL EYES ON RAFAH BUT WHY Explain more.pdf
 
Car Accident Injury Do I Have a Case....
Car Accident Injury Do I Have a Case....Car Accident Injury Do I Have a Case....
Car Accident Injury Do I Have a Case....
 
Highlights_of_Bhartiya_Nyaya_Sanhita.pptx
Highlights_of_Bhartiya_Nyaya_Sanhita.pptxHighlights_of_Bhartiya_Nyaya_Sanhita.pptx
Highlights_of_Bhartiya_Nyaya_Sanhita.pptx
 
Roles of a Bankruptcy Lawyer John Cavitt
Roles of a Bankruptcy Lawyer John CavittRoles of a Bankruptcy Lawyer John Cavitt
Roles of a Bankruptcy Lawyer John Cavitt
 
Responsibilities of the office bearers while registering multi-state cooperat...
Responsibilities of the office bearers while registering multi-state cooperat...Responsibilities of the office bearers while registering multi-state cooperat...
Responsibilities of the office bearers while registering multi-state cooperat...
 
Abdul Hakim Shabazz Deposition Hearing in Federal Court
Abdul Hakim Shabazz Deposition Hearing in Federal CourtAbdul Hakim Shabazz Deposition Hearing in Federal Court
Abdul Hakim Shabazz Deposition Hearing in Federal Court
 
XYZ-v.-state-of-Maharashtra-Bombay-HC-Writ-Petition-6340-2023.pdf
XYZ-v.-state-of-Maharashtra-Bombay-HC-Writ-Petition-6340-2023.pdfXYZ-v.-state-of-Maharashtra-Bombay-HC-Writ-Petition-6340-2023.pdf
XYZ-v.-state-of-Maharashtra-Bombay-HC-Writ-Petition-6340-2023.pdf
 
EMPLOYMENT LAW AN OVERVIEW in Malawi.pptx
EMPLOYMENT LAW  AN OVERVIEW in Malawi.pptxEMPLOYMENT LAW  AN OVERVIEW in Malawi.pptx
EMPLOYMENT LAW AN OVERVIEW in Malawi.pptx
 
ADR in criminal proceeding in Bangladesh with global perspective.
ADR in criminal proceeding in Bangladesh with global perspective.ADR in criminal proceeding in Bangladesh with global perspective.
ADR in criminal proceeding in Bangladesh with global perspective.
 
new victimology of indonesian law. Pptx.
new victimology of indonesian law. Pptx.new victimology of indonesian law. Pptx.
new victimology of indonesian law. Pptx.
 
一比一原版麻省理工学院毕业证(MIT毕业证)成绩单如何办理
一比一原版麻省理工学院毕业证(MIT毕业证)成绩单如何办理一比一原版麻省理工学院毕业证(MIT毕业证)成绩单如何办理
一比一原版麻省理工学院毕业证(MIT毕业证)成绩单如何办理
 
Bharatiya Nagarik Suraksha Sanhita power.pptx
Bharatiya Nagarik Suraksha Sanhita power.pptxBharatiya Nagarik Suraksha Sanhita power.pptx
Bharatiya Nagarik Suraksha Sanhita power.pptx
 
1比1制作(swansea毕业证书)英国斯旺西大学毕业证学位证书托业成绩单原版一模一样
1比1制作(swansea毕业证书)英国斯旺西大学毕业证学位证书托业成绩单原版一模一样1比1制作(swansea毕业证书)英国斯旺西大学毕业证学位证书托业成绩单原版一模一样
1比1制作(swansea毕业证书)英国斯旺西大学毕业证学位证书托业成绩单原版一模一样
 
Notes-on-Prescription-Obligations-and-Contracts.doc
Notes-on-Prescription-Obligations-and-Contracts.docNotes-on-Prescription-Obligations-and-Contracts.doc
Notes-on-Prescription-Obligations-and-Contracts.doc
 
怎么购买(massey毕业证书)新西兰梅西大学毕业证学位证书注册证明信原版一模一样
怎么购买(massey毕业证书)新西兰梅西大学毕业证学位证书注册证明信原版一模一样怎么购买(massey毕业证书)新西兰梅西大学毕业证学位证书注册证明信原版一模一样
怎么购买(massey毕业证书)新西兰梅西大学毕业证学位证书注册证明信原版一模一样
 
Daftar Rumpun, Pohon, dan Cabang Ilmu (28 Mei 2024).pdf
Daftar Rumpun, Pohon, dan Cabang Ilmu (28 Mei 2024).pdfDaftar Rumpun, Pohon, dan Cabang Ilmu (28 Mei 2024).pdf
Daftar Rumpun, Pohon, dan Cabang Ilmu (28 Mei 2024).pdf
 
The Reserve Bank of India Act, 1934.pptx
The Reserve Bank of India Act, 1934.pptxThe Reserve Bank of India Act, 1934.pptx
The Reserve Bank of India Act, 1934.pptx
 
Secure Your Brand: File a Trademark Today
Secure Your Brand: File a Trademark TodaySecure Your Brand: File a Trademark Today
Secure Your Brand: File a Trademark Today
 
Donald_J_Trump_katigoritirio_stormi_daniels.pdf
Donald_J_Trump_katigoritirio_stormi_daniels.pdfDonald_J_Trump_katigoritirio_stormi_daniels.pdf
Donald_J_Trump_katigoritirio_stormi_daniels.pdf
 
Debt Mapping Camp bebas riba to know how much our debt
Debt Mapping Camp bebas riba to know how much our debtDebt Mapping Camp bebas riba to know how much our debt
Debt Mapping Camp bebas riba to know how much our debt
 

012718 MISSISSIPPI REAL ESTATE FORECLOSURE LAW

  • 1. 17 USC § 107 Limitations on Exclusive Rights – FAIR USE MISSISSIPPI REAL ESTATE FORECLOSURE LAW (Second Edition) TRUSTEE’S CHECKLIST 1. Request that the mortgagee bring the original promissory note and deed of trust or send a true copy thereof to your office. 2. Examine the note and deed of trust to determine: a. the provisions contained therein pertaining to default, acceleration, and foreclosure. b. the party ordering foreclosure is the lawful holder. c. the note reflects all charges and credits that are proper. d. the note does not show payment or any other defense. 3. Determine that the mortgagee has given notices and made all demands required by law or by the note and deed of trust. If not, decide who will make them. Inquire whether the mortgagee wishes you to make any further demands for payment prior to giving notice of sale. 4. Ascertain whether the mortgagor is still in possession of the property. 5. Determine that the mortgagee has not established a pattern of conduct of forgiving strict performance by the mortgagor which may necessitate a different course of action. 6. Determine amount of arrearage, late fees, other charges, and current escrow balance. 7. Determine if a U.C.C. search is required. 8. Inspect the property to determine if there is construction in progress or if an environmental assessment should be made before the sale. 9. Examine any leases and occupancy agreements affecting the property. 10. If the deed of trust in question is a second mortgage loan, determine that the mortgagor is ready to assume the payment of the first mortgage loan and that there is enough equity to cover foreclosure costs and any arrearage on the first mortgage loan. 11. Prepare instruction letter to trustee for mortgagee’s execution covering the following points: a. whether any further demand is to be made of the mortgagor. b. bidding instructions in the event the mortgagee will not be present or represented at the sale. c. the extent of the trustee’s authority to accept a down payment and allow time for payment of the purchase money in the event a third party is the purchaser. 12. If it is necessary to appoint a substituted trustee, the substitution should be prepared and recorded prior to commencement of advertisement. 13. Advise the mortgagee of all expenses for which the mortgagor may be held accountable. 14. Determine the necessity of conducting a sale of personal property under Mississippi Code Annotated section 75-9-504, and determine the portion of the debt the mortgagee wishes to allocate to the personal property for bidding purposes. 15. Consider the advisability of having a receiver appointed to preserve the income from the property. (See section 4-23, supra.) 16. Consider the possibility or advisability of accepting a deed in lieu of foreclosure. (See section 5-1, supra.) 17. Determine that foreclosure procedure will comply with VA (C.F.R. section 36.4300 et seq.) and FHA (C.F.R. sections 203.330 to 203.369) regulations. 18. Confirm that all conditions to acceleration have occurred or been satisfied. From: Mississippi Real Estate Foreclosure Law – with forms – Second Edition (K. F. Boackle)