Foreclosure In Mississippi

12 Things You Need to Know Now

Published on: June 23, 2015 | Frank Coxwell

Each one of these things can have serious consequences depending on the plan we develop for dealing with your debt, so:

1. Don’t borrow any more money. Don’t take out a second mortgage.
2. Don’t take money out of your retirement, 401k, or IRA.
3. Stop using your credit cards. Don’t use the convenience checks and don’t take cash advances. Don’t do “balance transfers” from one credit card to another.
4. Don’t keep your money in the same bank or credit union where you owe money. Stop all direct deposits into that account and redirect them to a different bank. Continue Reading ›

Foreclosure Prevention Week MPB Money Talks Radio

Published on: April 2, 2013 | Frank Coxwell

I had the pleasure of being a guest again on the Mississippi Public Broadcasting (MPB) show – Money Talks – on April 02, 2013. It was “Foreclosure Prevention Week” so we spent the hour discussing the process of foreclosure in Mississippi and the options available to consumers to save their home. If you didn’t get a chance to hear the conversation, you can go to their main site and take a look at all episodes – they have a lot of great information on all sorts of financial topics and a lot of great guest speakers.

Be sure to catch their show Tuesday’s at 9:00am on MPB Think Radio. And be sure to save this link to their home page as a favorite. Thank you Kevin, Chris, and Nancy! Hope to see you again soon!

Can mortgage company foreclose while reviewing for modification?

Published on: December 18, 2012 | Frank Coxwell

At least twice a month I receive calls from homeowners who are in the middle of the modification process with their mortgage company and they get notice of a foreclosure. Over and over they had been told the modification was still being reviewed. In some cases they were told they’d been approved. But all of a sudden they find their home is being advertised in the newspaper and a sale date is set at the courthouse. Mortgage companies review loans for modification and try to foreclosure at the same time. This is known as “dual tracking”. They don’t stop the foreclosure process when a mortgage is considered for a modification. If you are in the modification process with your mortgage company you can never assume that it will be approved or they won’t foreclose. The foreclosure process in Mississippi is quick, so you can’t trust anything they tell you over the phone. If you become aware your home is in foreclosure, contact our office immediately. We can stop the foreclosure sale through filing a Chapter 13 bankruptcy and you can still follow-up with a modification, if needed. You never want to be in a position of trying to get your home back after the foreclosure. Better to be safe than sorry and stop the foreclosure before it happens.

Offering 2 Classes in 2012 Fall Millsaps Community Enrichment Series

Published on: August 11, 2012 | Frank Coxwell

I will be teaching in the Millsaps College Community Enrichment program – 2012 Fall Series that is open to the public. I will be hosting 2 sessions under the section “Money & Business”. Click here to register.

“Who Owns your Home? Mortgage Securitization in Mississippi” will be a 2 class session

Oct 4 & Oct 11 from 6:00pm – 8:00pm. Millsaps Tuition Cost: $40.00 per person.

Is There A Foreclosure In Your Future?

Published on: February 28, 2012 | Frank Coxwell

Mississippi is leading when it comes to mortgage delinquencies. In October 2011, there were more homeowners in Mississippi behind on house notes than in any other state of the union.

The Mortgage Bankers Association reported that there are 4.2 million homeowners across the nation more than 90 days late on their house note or are already in foreclosure status. Is this the indication of us being on the road to recovery that the media would us believe?

The fact is that mortgage service companies are not willing to provide modifications to help homeowners and as a result, foreclosures continue to rise. If you want to save your house, you cannot wait until the last minute, thinking a modification will come through. Get your documents together and meet with a lawyer now that handles bankruptcy and foreclosure defense to learn what options you have available. Get the information now – before you need it. Be prepared. Plan ahead. Think about it – what good is buying car insurance after the wreck? I continually meet with people that come in after the foreclosure sale date is set trying to figure out what they can do. In most cases we can still help and save the house, but it would have benefited the people so much more to have met with me as soon as their payments started falling behind. Timing matters – and knowing your options is worth it’s weight in gold. If you’re online, researching foreclosure because you’re worried about losing your home, the time is NOW to speak with someone. The most important thing is to save the home. There are options – the longer you wait, the less options there may be.

Foreclosure In Mississippi

Published on: June 28, 2011 | Frank Coxwell

Foreclosure is the process that a mortgage company takes to repossess and sell your home when you fall behind in the payments. In Mississippi, the mortgage company does not have to file a lawsuit against you and get an Order from the Court in order to sell your home. In Mississippi, the mortgage company does not have to send you a letter telling you they are foreclosing and when the sale will be. All they have to do is to run an ad in the newspaper and then auction your home.

When you fall behind on the mortgage, your mortgage company will typically send you a letter telling you that you have a thirty days or so to catch up before foreclosure proceedings start. This is called an acceleration letter. Once the mortgage has been accelerated, the mortgage company is no longer obligated to accept payments unless they are enough to catch up all of the past due amounts. But this won’t be just the number of months that you think you are behind. It will be all of the past due amounts they say you are behind, plus all of the fees and charges they have added on to your account, including foreclosure fees.

The lender must advertise the sale in the newspaper once a week for at least three weeks. At the end of the advertising period, usually the fourth week, the foreclosure auction sale takes place on the courthouse steps. Anyone can bid, including the mortgage company and the property goes to the highest bidder.