Foreclosure Help in Mississippi

If you are going through financial hardship and struggling to pay your monthly mortgage, you are not alone. Mississippi is one of the states with the highest delinquent mortgage rates in the country and to address this need, there are several organizations of both federal and state origins that can help you understand your rights and help you stay in your home.

Mississippi Center for Justice
This center offers legal services directly to anyone in need or advice or aid to prevent or cope with foreclosure. Because of the complexity of the foreclosure process, homeowners need to be informed of their rights and options in this regard.  Whether it be advice on the restructuring of payment plans to avoid foreclosure, or legal help to aid in selling a home at an acceptable price, this center can offer help. You can contact them through the form on their website at www.mscenterforjustice.org or telephonically at (601) 352-2269.

Avoiding foreclosure
If you are not currently foreclosing on your home, but are facing financial difficulty, there are several avenues open to you to prevent loss of your house. Your financial institution as well as the organizations listed above can assist you with the option best suited to your specific needs (Source: US Department of Housing and Urban Development). Some of these include:

Have a specific question about Avoiding Foreclosure in Mississippi? Check out our Foreclosure FAQ’s section.

Special Forbearance
If you are falling behind on your mortgage payments due to a loss or decrease in income or an unforeseen increase in expenses, forbearance may help you keep your home. In such cases, you should contact your loan provider and discuss the possibility of adjusting your loan conditions to help you cope with a difficult time. These adjustments can include the suspension of your payments for a period of time, an adjusted repayment plan to cover lost payments or a reduced interest rate that will lower monthly payments.

Mortgage Modification
If forbearance is not an option, the assistance of an additional lender can be helpful. In such a case, the new lender will refinance the home with amended loan conditions that can include extension of the loan to make up for adjustments.

Partial Claim
In some special cases, homeowners who are behind on mortgage payments can apply for a loan from the HUD to cover the lost payments and thus get them up to date.

For more information on dealing with potential foreclosure, please contact the organizations listed above or visit the US Department of Housing and Urban Development website.