MS SB2906

Mortgagees must provide mortgagors with 90 days' written notice by certified mail before foreclosing on residential property in Mississippi, with notice detailing the loan details, default amount, and right to cure.

Mortgagors have the right to cure their default within 90 days of receiving notice without incurring attorney's fees or additional charges beyond per diem interest.

Mortgagees must file a copy of the foreclosure notice with the Commissioner of Banking and Consumer Finance, including the loan's interest rate and whether it was variable or fixed.

Following a foreclosure sale, mortgagees must notify the commissioner of the sale date, purchase price, and provide a copy of the original notice.

The Commissioner of Banking and Consumer Finance must maintain a foreclosure database and produce an annual public report tracking foreclosure activity, trends, and patterns by lender, servicer, and geographic location.