How to claim foreclosure surplus funds in Mississippi

How to claim surplus funds in Mississippi

1. The substitute trustee handles the sale money

   Right after the sale

   The substitute trustee named in the sale notice runs the sale and receives the money. No Mississippi statute we found sets the order of payment or a claim process for surplus, so your deed of trust and the trustee's accounting control what happens.

2. Ask for an accounting in writing

   As soon as possible after the sale

   Write to the substitute trustee and ask for the sale price, what was paid to the lender, costs and any other liens, and whether money is left for you. Send it by certified mail, give your current address, and keep a copy.

3. Other liens may be paid first

   A second mortgage, judgment lien or other recorded lien on the home may also claim leftover money. If the trustee will not pay you, or more than one person claims the money, a chancery court may have to decide, so talk to legal aid or a lawyer.

4. Check Mississippi unclaimed property

   Search your name, and any past names, through the Mississippi State Treasurer's unclaimed property program. Money that a business or office could not return to you may end up there.

5. Be careful with surplus finders

   Some companies watch foreclosure sales and offer to recover surplus for a large percentage. We did not find a Mississippi law capping fees for recovering foreclosure surplus, and we did not find a Mississippi foreclosure consultant law, so never sign over a share of your money or your deed before you ask the trustee yourself and talk to legal aid.

6. Surplus after a tax sale

   Excess bids from a county tax sale are held by the county and must be requested within 2 years after the redemption period ends. See the Mississippi property tax foreclosure page.

   Miss. Code Ann. § 27-41-77

What Mississippi law says about leftover sale money

Common questions in Mississippi