Mississippi homeowners and business owners with properties damaged by Hurricane Katrina were told on Tuesday by Attorney General Jim Hood that they have legal protections from foreclosure.
Hood told the Jackson Clarion-Ledger a 1980 state law requires all foreclosures to be filed in Chancery Court. The court can delay foreclosure for up to two years, if the landowner pays a reasonable “carrying charge” instead of mortgage payments.
Landowners must swear they cannot pay the amount in arrears, has been unable to refinance the mortgage, and the property has lost more than 15 percent of its value because of disaster damage. The court may then allow the landowner to pay a reasonable “carrying charge” instead of mortgage payments.
Hood advises landowners with property subject to foreclosure to consult a private attorney. Visit Hood’s Web site at www.ago.state.ms.us for details.
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