Few states have been hit in the last years like the state of Mississippi. The housing and credit crisis has only been the latest financial crisis to hit the area; the final straw of an already battered community. If you are a homeowner with a mortgage or would like to buy a home, read on. In this series of articles, we are going to take a close look at the mortgage aid programs in Mississippi.

Our analysis will include programs offered by the United States Department of Agriculture (USDA), the Small Business Administration, The Mississippi Home Corporation and the Housing and Urban Development Department. These programs are specific to the state of Mississippi and consider the special needs of Mississippi residents.

Foreclosure Avoidance.

Before we take an in-depth view of available programs, let us look at the basic steps Mississippi residents can take to avoid foreclosure. Your first step should be to hire professional help to get the advice you need to save your home. This advice does not have to be expensive; in fact, it can be free.

Contact a housing counselor in the state of Mississippi approved by the Housing and Urban Development Department and you can get the help you need for free. These counselors are trained to assess your financial situation and create a plan to rearrange your finances and avoid foreclosure. They have contact information for the major lenders in your area and can help you to negotiate a loan modification, short sale, mortgage refinance and other foreclosure avoidance methods with your lender.

If foreclosure is a real possibility, it may be time to hire a lawyer experienced in foreclosure law. A foreclosure is, after all, a lawsuit filed by your lender to claim the security of your mortgage—your home. Foreclosure can be a complicated process. The specific procedures change from state to state, so it is smart to hire a local lawyer with years of experience in foreclosure avoidance. Again, these services don’t have to be expensive. Contact the Mississippi’s Legal Services Resource Center and find out if you qualify for free or low-cost legal aid.

Foreclosure in Mississippi can follow a judicial (lawsuit filed at a court of law) or a non-judicial route. Non-judicial foreclosures are handled by a trustee—a person who manages and processes a foreclosure. In Mississippi foreclosures are fast; they usually take 90 days or less, and do not come with a redemption period after the foreclosure sale. This means the foreclosure sale is final and previous owners cannot recover their home once it is sold.

Find out more about mortgage aid programs in Mississippi in our next article.

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