MS SB3048

Mortgagees must provide mortgagors with 90 days' written notice via certified mail before initiating foreclosure proceedings on residential property in Mississippi.

Notice must include specific required language informing the mortgagor of the default, property location, loan originator and servicer information, and the right to cure the default within 90 days without additional fees or attorney charges.

Mortgagees must file a copy of the foreclosure notice with the Commissioner of Banking and Consumer Finance, including loan interest rate and whether it was fixed or variable rate, with a filing fee determined by the commissioner.

Mortgagees must notify the commissioner of the foreclosure sale date and purchase price obtained at sale.

Commissioner must maintain a foreclosure database and publish at least annual reports tracking foreclosure activity by lenders, servicers, and loan originators, including geographic trends and interest rate analysis.

Transfer of title by a mortgagor in default or foreclosure is prohibited unless the purchaser is a close family member (spouse, parent, grandparent, child, grandchild, sibling, aunt, or uncle).

Effective date is July 1, 2010.