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MISSISSIPPI
Foreclosure Law SummaryJudicial Foreclosure
AvailableNonJudicial
Foreclosure AvailableTimelineRight of RedemptionDeficiency JudgmentsMediationYESYES23 MONTHSNOYESNOMost CommonAveragePROCESS
MOST
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How to fill out deficiency judgments
How to fill out deficiency judgments
01
Gather all necessary documentation related to the deficiency judgment, including the original loan agreement, foreclosure documents, and any communication with the borrower regarding the deficiency
02
Determine the amount of the deficiency by subtracting the foreclosure sale price from the outstanding balance on the loan
03
File a lawsuit against the borrower to obtain a deficiency judgment. This typically involves hiring an attorney and following the legal procedures for filing a lawsuit
04
Serve the borrower with the lawsuit documents and allow them a certain amount of time to respond
05
If the borrower fails to respond or contest the lawsuit, request a default judgment from the court
06
If the borrower contests the lawsuit, attend court hearings and present evidence of the deficiency
07
Obtain a judgment from the court stating the amount of the deficiency
08
Begin the collection process by contacting the borrower and attempting to negotiate a repayment plan
09
If the borrower refuses to cooperate, explore other collection methods such as wage garnishment, bank liens, or property liens
10
Continually monitor the borrower's financial situation and pursue collection efforts until the deficiency is satisfied
Who needs deficiency judgments?
01
Lenders who have experienced a foreclosure and wish to recover the remaining balance on the loan
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What is deficiency judgments?
Deficiency judgments are court orders that allow a lender to collect the remaining balance of a loan from the borrower if the sale of the collateral does not cover the full amount owed.
Who is required to file deficiency judgments?
Lenders are typically the ones required to file deficiency judgments in order to collect the remaining debt from the borrower.
How to fill out deficiency judgments?
Deficiency judgments can be filled out by providing detailed information about the loan, the collateral, the amount owed, and any payments already made by the borrower.
What is the purpose of deficiency judgments?
The purpose of deficiency judgments is to allow lenders to collect the remaining balance of a loan that was not fully covered by the sale of the collateral.
What information must be reported on deficiency judgments?
Information that must be reported on deficiency judgments includes details about the loan, the collateral, the amount owed, and any payments made by the borrower.
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