Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower, who has stopped making payments to the lender, by forcing the sale of the asset used as the collateral for the loan.[1]
Formally, a mortgage lender (mortgagee), or other lienholder, obtains a termination of a mortgage borrower (mortgagor)'s equitable right of redemption, either by court order or by operation of law (after following a specific statutory procedure).[2]
Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt. While this equitable right exists, it is a cloud on title and the lender cannot be sure that they can successfully repossess the property.[3] Therefore, through the process of foreclosure, the lender seeks to foreclose (in plain English, immediately terminate) the equitable right of redemption and take both legal and equitable title to the property in fee simple.[4] Other lien holders can also foreclose the owner's right of redemption for other debts, such as for overdue taxes, unpaid contractors' bills or overdue homeowners' association dues or assessments.
Mississippi ( (listen)) is a state located in the southeastern region of the United States. Mississippi is the 32nd largest and 34th-most populous of the 50 United States. Mississippi is bordered to north by Tennessee, to the east by Alabama, to the south by the Gulf of Mexico, to the southwest by Louisiana, and to the northwest by Arkansas. Mississippi's western boundary is largely defined by the Mississippi River. Jackson is both the state's capital and largest city. Greater Jackson, with an estimated population of 580,166 in 2018, is the most populous metropolitan area in Mississippi and the 95th-most populous in the United States.
On December 10, 1817, Mississippi became the 20th state admitted to the Union. By 1860, Mississippi was the nation's top cotton producing state and enslaved persons accounted for 55% of the state population. Mississippi declared its secession from the Union on March 23, 1861, and was one of the seven original Confederate States. Following the Civil War, it was restored to the Union on February 23, 1870. Until the Great Migration of the 1930s, African Americans were a majority of Mississippi's population. Mississippi was the site of many prominent events during the American Civil Rights movement, including the 1962 Ole Miss riots, the 1963 assassination of Medgar Evers, and the 1964 Freedom Summer murders. Since the Civil Rights era, Mississippi frequently ranks low among states in measures of health, education, poverty, and development. In 2010, 37.3% of Mississippi's population was African American, the highest percentage for any state.
Mississippi is almost entirely within the Gulf coastal plain, and generally consists of lowland plains and low hills. The northwest remainder of the state consists of the Mississippi Delta, a section of the Mississippi Alluvial Plain. Mississippi's highest point is Woodall Mountain at 807 feet (246 m) above sea level adjacent to the Cumberland Plateau; the lowest is the Gulf of Mexico. Mississippi has a humid subtropical climate classification. Source: https://en.wikipedia.org/
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