November 22nd, 2009
The Role of the Power of Sale Clause in an MS Foreclosure
In MS foreclosure law, the non-judicial process is followed if there is a power of sale clause in the deed of trust or mortgage. What this clause means is that the borrower had given the lender the authority to sell the home to collect the balance on a loan if the borrower defaults. This power may be exercised by the lender himself or by his representative, who is usually known as the trustee. The power of sale clause may contain the place, schedule and terms of the foreclosure sale. If not, the trustee will post a notice of sale on the door of the courthouse and in the local newspaper.
