{"id":789,"date":"2017-03-22T21:26:09","date_gmt":"2017-03-23T02:26:09","guid":{"rendered":"https:\/\/secure.titlecompanywebdesign.com\/mcgeheeloanclosings\/?page_id=789"},"modified":"2017-04-21T12:58:40","modified_gmt":"2017-04-21T17:58:40","slug":"mississippi-statutes-limitations","status":"publish","type":"page","link":"https:\/\/secure.titlecompanywebdesign.com\/mcgeheeloanclosings\/guides\/mississippi-statutes-limitations\/","title":{"rendered":"Mississippi Statutes of Limitations"},"content":{"rendered":"

[et_pb_section admin_label=”Section” fullwidth=”on” specialty=”off” transparent_background=”off” allow_player_pause=”off” inner_shadow=”off” parallax=”on” parallax_method=”off” padding_mobile=”off” make_fullwidth=”off” use_custom_width=”off” width_unit=”on” make_equal=”off” use_custom_gutter=”off” module_class=”tt-page-header” background_image=”https:\/\/secure.titlecompanywebdesign.com\/mcgeheeloanclosings\/wp-content\/uploads\/sites\/39\/2017\/03\/Books_and_Pen.jpg”][et_pb_fullwidth_post_title admin_label=”Fullwidth Post Title” title=”on” meta=”off” author=”on” date=”on” categories=”on” comments=”on” featured_image=”off” featured_placement=”background” parallax_effect=”off” parallax_method=”on” text_orientation=”center” text_color=”light” text_background=”on” text_bg_color=”rgba(153,0,0,0.85)” module_bg_color=”rgba(255,255,255,0)” title_font_size=”45px” title_font_size_tablet=”40px” title_font_size_phone=”30px” title_font_size_last_edited=”on|phone” title_all_caps=”off” use_border_color=”off” border_color=”#ffffff” border_style=”solid”] [\/et_pb_fullwidth_post_title][\/et_pb_section][et_pb_section admin_label=”Section” fullwidth=”off” specialty=”on” transparent_background=”off” background_color=”#f3f3f3″ allow_player_pause=”off” inner_shadow=”off” parallax=”off” parallax_method=”off” padding_mobile=”off” make_fullwidth=”off” use_custom_width=”off” width_unit=”on” make_equal=”off” use_custom_gutter=”off” parallax_1=”off” parallax_method_1=”off” parallax_2=”off” parallax_method_2=”off”][et_pb_column type=”2_3″ specialty_columns=”2″][et_pb_row_inner admin_label=”Row”][et_pb_column_inner type=”4_4″ saved_specialty_column_type=”2_3″][et_pb_text admin_label=”Lorem ipsum” background_layout=”light” text_orientation=”left” text_line_height=”1.8em” use_border_color=”off” border_color=”#ffffff” border_style=”solid” text_font_size=”18″]<\/p>\n

MISSISSIPPI STATUTES REGARDING STATUTES OF LIMITATION ETC<\/a>:<\/strong>
\nDebt Collection Statute: No specific state statute.<\/strong>
\nDue on Sale<\/strong>: Miss. Code Ann \u00a775-1-208. Option to Accelerate at Will. The option is to be exercised only in the good faith belief that the prospect of payment or performance is impaired. A provision \u201cproviding that one party in interest may accelerate payment or performance or require collateral or additional collateral \u2018at will\u2019 or \u2018when he deems himself insecure\u2019 shall be construed to mean that he shall have power to do so only if he in good faith believes that the prospect of payment or performance is impaired.\u201d \u201cThe burden of establishing lack of good faith is on the party against whom the power has been exercised.\u201d
\nStatute requiring good faith belief that loan had become insecure prior to acceleration does not apply to \u201cdefault-type\u201d acceleration clause, under which default is conditioned upon occurrence of event within control of debtor. [Peoples Bank and Trust Co. v. Cermack, 658 So. 2d 1352 (Miss. 1995)]
\nEscrow Accounts:<\/strong> Real estate loans may include provisions concerning liens, payments of taxes and insurance premiums and similar charges, and advance payments of taxes and insurance premiums and similar charges.
\nEscrow Administration:<\/strong> There is no state statute prohibiting an escrow cushion. However, there is a statute prohibiting the servicer from disclosing the expiration date of the insurance policy.\u00a0 RESPA CONTROLS HOW MUCH CUSHION CAN BE HELD IN ESCROW ON A FEDERALLY INSURED LOAN OR A LOAN BY A FEDERALLY CHARTERED BANK.
\nDisclosure of expiration date<\/strong>: Miss. Code Ann. \u00a783-13-10(1). When a real property deed of trust or mortgage or a lending agreement in connection with a loan on real property provides that a mortgagor or borrower shall furnish insurance upon the mortgaged property, the mortgagee, assignee or creditor shall not disclose expiration dates or other policy information to other persons or parties, directly or indirectly, and such other persons or parties shall not request the disclosure of such information, so as to enable any person or party to solicit said insurance or any renewal thereof, without first obtaining the written consent of the policyholder for such disclosure to be made when the mortgagee, assignee or creditor has been advised in writing by the insurer or its agent that the insurance on the property will be cancelled or will not be renewed. (2) Willful violation of this section by any mortgagee, assignee or creditor, or by other persons or parties who may request the disclosure of such information from such mortgagee, assignee or creditor, shall be punishable by a fine not to exceed $500 for each violation.
\nHazardous Waste<\/strong>: Miss. Code Ann. \u00a7\u00a717-17-1 et seq., 49-17-1 et seq., and 49-17-401 et seq., impose on an owner of real property substantial liability for clean up of contamination. Sale contracts and loan documents should include environmental affidavits and\u00a0 indemnities. There is no state statute prohibiting environmental affidavits and indemnities from borrower to lender. NOTE:<\/strong>\u00a0 It is not usual and customary to have a\u00a0 hazardous waste survey done on residential property as this should have been done by the developer, however, on commercial property or rural property, you as the buyer, should have a hazardous waste survey done or get a title policy with an endorsement for hazardous waste coverage.
\nInsurance<\/strong>: Miss. Code Ann. \u00a783-13-9 sets forth the form of a mandatory mortgage clause to be incorporated into fire insurance policies taken out or renewed by mortgagors. This clause requires notice by the mortgagee to the insurance company, when there is a change in ownership, use or occupancy of the property, including use for more hazardous purposes. The insurance company may also be subrogated to the rights of the mortgagee under certain circumstances.
\nInsurance Losses: Miss. Code Ann. \u00a783-13-7. Mortgagees paid in order of priority.<\/strong>
\nWhen, by an agreement with the assured or by the terms of a fire insurance policy taken out by a mortgagor, the whole or any part of the loss thereon is payable to the mortgagee or mortgagees of the property for their benefit, the company shall, upon satisfactory proof of the rights and title of the parties, in accordance with such terms and agreement, pay all mortgagees protected by such policy in the order of their priority of claim, as their claims shall appear, not beyond the amount of which the company is liable. Such payments shall be, to the extent thereof, payments and satisfaction of the liabilities of the company under such policy.<\/p>\n

Interest on Impound Accounts:<\/strong> No state statute requiring interests to be paid on the funds in an escrow account. Follow Instrument language.\u00a0 Lawyers and Realtors in Mississippi are not allowed to have interest on escrow accounts.\u00a0 Lawyers are required to set up escrow accounts in accordance with IOLTA which states that the bank will forward all interest earned to the Mississippi Bar Association to fund poverty law centers.
\nInterest Rate Increases<\/strong>: There is no state statute on point regarding interest rate increases. Interest rates are governed by usury statute and may not be excessive. Follow instrument language.\u00a0 Most notes and deeds of trust now have a \u2018no interest rate change\u2019 and\u00a0 a \u2018no prepayment penalty for early payoff of the loan\u2019.\u00a0 Be sure to check your documents when you borrow money to be sure that these clauses are included.
\nLate Charges<\/strong>: Miss. Code Ann. \u00a775-17-27. A late payment charge, not exceeding $5 or 4 percent of the amount of any delinquency, whichever is greater, if contracted for in writing, shall not be considered a finance charge, but no such charge shall be made unless such delinquency is more than 15 days past due; provided, however, that such late payment charge may be collected only one time on a specific installment and no late payment charge may be collected on a partial payment resulting from the deduction of a late payment charge from a regular scheduled payment. On loans of $100,000 or less having a stated maturity of five years or less, such late payment charge shall in no event exceed $50.<\/p>\n

Mortgage Insurance Cancellation<\/strong>: No statute or point regarding mortgage insurance cancellation.\u00a0 Generally, once your loan balance is less than 80% of the value of your property, you can ask in writing for the lender to remove the mortgage insurance from your payment.\u00a0 You will be required to reimburse the lender for the cost of the appraisal and possibly other costs.\u00a0 This application is dependent upon the value of the property at the time that you request the removal of the MIP.\u00a0 If your property is worth less than you paid for it because of the devaluement of property in your area, the appraisal of the current value controls.
\nMortgagor Request<\/strong>: No state statute regarding time frame.<\/p>\n

Non-Resident Landlords: <\/strong>All residential leases are now governed by Miss. Code Ann. \u00a789-8-1 et seq.; except for, agricultural and commercial leases. Any agreement, oral or written, for the rental of real property as a dwelling place will be bound by this statute. A landlord or tenant may not agree to waiver or otherwise forego any of the rights, duties or remedies under this chapter.<\/p>\n

Non-Sufficient Funds Fees<\/strong>: Miss. Code Ann. \u00a797-19-81 allows actual amount of service fee up to $15.<\/p>\n

Notice of Default\/Acceleration Requirements<\/strong>: Miss. Code Ann. \u00a789-1-59 provides for reinstatement by payment of all default plus fees\/expenses, rather than amount of accelerated. Fair Debt Practice Act would apply.
\nPayoff Statement Requests<\/strong>: Terms of contract should be reviewed.
\nPrepayment Penalties<\/strong>: Miss. Code Ann. \u00a775-17-31 as amended sets out pre-payment penalty limits for prepayment of any note or evidence of debt secured in whole or in part by lien on certain type of real property.
\nProperty Inspections<\/strong>: Terms of contract should be reviewed.
\nRecord Retention:<\/strong> Miss. Code Ann. \u00a781-5-7 deals with the preservation of records by bankers, i.e., unpaid balances and Miss Code Ann. \u00a7\u00a781-18-21 and 35 deal with certain records under the Mississippi Mortgage Consumer Protection Act. Certain exceptions may be applicable.
\nRelease of Mortgage or Deed of Trust Upon Satisfaction<\/strong>: Miss. Code Ann. \u00a789-5-21(2) provides that any mortgagee or assignee must cancel a paid-in-full mortgage or deed of trust within one month after a written request, or be liable for statutory damages of $200.00 or other damages not to exceed the amount of the mortgage or deed of trust.<\/p>\n

REO Condition Disclosure:<\/strong> Sellers disclosures required by Miss. Code Ann. \u00a7\u00a789-1-501 and 509 are exempted by Miss. Code Ann. \u00a789-1-501(2)(b) as to transfers by a mortgagee or beneficiary of a deed of trust of property acquired through foreclosure or deed-in-lieu of foreclosure.
\nResident Office:<\/strong> Miss. Code Ann \u00a781-18-5 points to an in-state place of business as one (of several) factors to be determined as to whether a corporation is subject to the Mississippi Mortgage Consumer Protection Act effective July 1, 2000.\u00a0\u00a0 The maintenance of an office is also one of several factors in determining whether certain activities constitute the doing of business. Miss. Code Ann. \u00a779-15-01.
\nSale of Servicing:<\/strong> Following statute should be considered specifically. Miss. Code Ann. \u00a781-18-5.
\nSuper Liens<\/strong>: Priority of liens are generally established in order of filing. Tax sale; if not redeemed by end of two years, a tax deed may be issued to a purchaser and if the tax sale was without flaws, purchasers gets good title. \u00a0\u00a0CAUTION:\u00a0 We suggest that you never purchase a tax deed from the person to whom it was given by the Chancery Clerk.\u00a0 There are too many ways that the title can be faulty.\u00a0 Require the holder of the Tax Deed to file a suit to confirm the tax title in Chancery Court<\/strong>.\u00a0 Condominium assessments are found in Miss. Code Ann. \u00a789-9-21 and should be in accordance with a recorded declaration of restrictions.<\/p>\n

Taxe<\/strong>s: Taxes are due and payable on January 1, and are delinquent after January 31. Some cities may have different deadlines and inquiries should be made of city taxes collector as to their deadlines and if collected by county.
\nToll-free Telephone Requirements:<\/strong> No state statutes appear on point.
\nVacant Property Requirements<\/strong>: No state statute. See federal rules and regulations. Property may be subject to special assessments for clean-up by local authorities, if not maintained by owner.\u00a0 In Jackson, this can be expensive as the city usually adds a $1000.00 fine to the cost of the cleanup.
\nWater Liens<\/strong>: No specific state statute.<\/p>\n

[\/et_pb_text][\/et_pb_column_inner][\/et_pb_row_inner][\/et_pb_column][et_pb_column type=”1_3″][et_pb_sidebar admin_label=”Sidebar” orientation=”right” area=”sidebar-1″ background_layout=”light” remove_border=”on” custom_css_widget=”box-shadow: 0px 2px 3px rgba(0,0,0,0.15);” saved_tabs=”all” global_module=”685″] [\/et_pb_sidebar][\/et_pb_column][\/et_pb_section][et_pb_section admin_label=”Section” global_module=”675″ fullwidth=”off” specialty=”off” transparent_background=”off” allow_player_pause=”off” inner_shadow=”off” parallax=”off” parallax_method=”off” custom_padding=”30px|0px|30px|0px” padding_mobile=”on” make_fullwidth=”off” use_custom_width=”off” width_unit=”on” make_equal=”off” use_custom_gutter=”off” background_color=”#ffffff”][et_pb_row global_parent=”675″ admin_label=”Row”][et_pb_column type=”4_4″][et_pb_text global_parent=”675″ admin_label=”OUR PARTNERS” background_layout=”light” text_orientation=”center” text_font_size=”40″ text_font_size_last_edited=”on|phone” text_text_color=”#333333″ text_line_height=”1.5em” use_border_color=”off” border_color=”#ffffff” border_style=”solid” header_font=”|||on|” header_font_size=”60px” header_font_size_tablet=”50px” header_font_size_phone=”40px” header_font_size_last_edited=”on|phone” text_font=”Oswald|||on|”] OUR PARTNERS [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row global_parent=”675″ admin_label=”Row”][et_pb_column type=”1_4″][et_pb_image global_parent=”675″ admin_label=”Image” src=”https:\/\/secure.titlecompanywebdesign.com\/mcgeheeloanclosings\/wp-content\/uploads\/sites\/39\/2016\/08\/logo1.png” show_in_lightbox=”off” url_new_window=”off” use_overlay=”off” animation=”off” sticky=”off” align=”center” force_fullwidth=”off” always_center_on_mobile=”on” use_border_color=”off” border_color=”#ffffff” border_style=”solid”] [\/et_pb_image][\/et_pb_column][et_pb_column type=”1_4″][et_pb_image global_parent=”675″ admin_label=”Image” src=”https:\/\/secure.titlecompanywebdesign.com\/mcgeheeloanclosings\/wp-content\/uploads\/sites\/39\/2016\/08\/logo2.png” show_in_lightbox=”off” url_new_window=”off” use_overlay=”off” animation=”off” sticky=”off” align=”center” force_fullwidth=”off” always_center_on_mobile=”on” use_border_color=”off” border_color=”#ffffff” border_style=”solid”] [\/et_pb_image][\/et_pb_column][et_pb_column type=”1_4″][et_pb_image global_parent=”675″ admin_label=”Image” src=”https:\/\/secure.titlecompanywebdesign.com\/mcgeheeloanclosings\/wp-content\/uploads\/sites\/39\/2016\/08\/logo1.png” show_in_lightbox=”off” url_new_window=”off” use_overlay=”off” animation=”off” sticky=”off” align=”center” force_fullwidth=”off” always_center_on_mobile=”on” use_border_color=”off” border_color=”#ffffff” border_style=”solid”] [\/et_pb_image][\/et_pb_column][et_pb_column type=”1_4″][et_pb_image global_parent=”675″ admin_label=”Image” src=”https:\/\/secure.titlecompanywebdesign.com\/mcgeheeloanclosings\/wp-content\/uploads\/sites\/39\/2016\/08\/logo2.png” show_in_lightbox=”off” url_new_window=”off” use_overlay=”off” animation=”off” sticky=”off” align=”center” force_fullwidth=”off” always_center_on_mobile=”on” use_border_color=”off” border_color=”#ffffff” border_style=”solid”] [\/et_pb_image][\/et_pb_column][\/et_pb_row][et_pb_row global_parent=”675″ admin_label=”Row”][et_pb_column type=”4_4″][et_pb_divider global_parent=”675″ admin_label=”Divider” color=”#e3e3e3″ show_divider=”on” height=”30″ divider_style=”solid” divider_position=”center” hide_on_mobile=”off”] [\/et_pb_divider][\/et_pb_column][\/et_pb_row][et_pb_row global_parent=”675″ admin_label=”Row” make_fullwidth=”off” use_custom_width=”off” width_unit=”on” use_custom_gutter=”on” gutter_width=”2″ padding_mobile=”on” allow_player_pause=”off” parallax=”off” parallax_method=”off” make_equal=”on” parallax_1=”off” parallax_method_1=”off” background_color_1=”#ffffff” parallax_2=”off” parallax_method_2=”off” background_color_2=”#ffffff” padding_top_2=”30px” padding_bottom_2=”30px” padding_left_2=”30px” column_padding_mobile=”off”][et_pb_column type=”2_3″][et_pb_map global_parent=”675″ admin_label=”Map” address=”1755 Lelia Dr #303, Jackson, MS 39216, USA” address_lat=”32.3325993″ address_lng=”-90.1429531″ mouse_wheel=”on” mobile_dragging=”on” use_grayscale_filter=”off”] [et_pb_map_pin pin_address=”1755 Lelia Dr #303, Jackson, MS 39216, USA” pin_address_lat=”32.3325993″ pin_address_lng=”-90.1429531″] [\/et_pb_map_pin] [\/et_pb_map][\/et_pb_column][et_pb_column type=”1_3″][et_pb_text global_parent=”675″ admin_label=”Text” background_layout=”light” text_orientation=”left” text_font_size=”16″ text_line_height=”1.5em” use_border_color=”off” border_color=”#ffffff” border_style=”solid”]<\/p>\n

OFFICE LOCATION<\/strong><\/h3>\n

1755 Lelia Drive, Suite 303
\nJackson, MS 39216
\nPhone: <\/strong>601-982-1000<\/a>
\nFax:<\/strong> 601-982-1005<\/a><\/p>\n

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OPEN HOURS<\/strong><\/h3>\n

Mon – Fri:<\/strong> 8AM – 7PM
\nWeekends:<\/strong> As Needed<\/p>\n

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