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Mississippi Deed of Trust and Promissory Note

In Mississippi, a Deed of Trust (DOT) is the most commonly used instrument to secure a loan. If the DOT has a "Power of Sale" clause, foreclosure can be done non-judicially, saving time and expense, because the trustee doesn't require the court's involvement. This process is called a Trustee Sale. Explained in Mississippi 89-1-55 - "How lands sold under mortgages and Deeds in Trust"
There are three parties in this Deed of Trust:
1- The Grantor (Borrower)
2- Beneficiary (Lender) and a
3- Trustee (Neutral Third Party)
Basic Concept. The Grantor (Borrower) conveys property title to a Trustee (Neutral Party). A Trustee or beneficiary/Lender can take action against any person for damages.

(The beneficiary or holder of any deed of trust, including his agents, employees, successors, assigns, attorneys-in-fact or other legal representatives, may appoint a trustee or substitute a trustee, with or without the permission of the mortgagor or mortgagors. The trustee or substitute trustee so appointed may be a natural person, partnership, corporation, limited liability company, professional association or any other legal entity.) (MS Code 89-1-63)(3))

Debtors/Borrowers shall be in default under the provisions of this Deed of Trust if Debtor
(a) shall fail to comply with any of Debtor's covenants or obligations contained herein,
(b) shall fail to pay any of the Indebtedness secured hereby, or any installment thereof or interest thereon, as such Indebtedness, installment or interest shall be due by contractual agreement or by acceleration,
(c) shall become bankrupt or insolvent or be placed in receivership,
(d) shall, if a corporation, a partnership or an unincorporated association, be dissolved voluntarily or involuntarily, or
(e) if Secured Party in good faith deems itself insecure and its prospect of repayment seriously

This form can be used by a party selling/financing a house, rental property, condominium or small office building. For use in Mississippi Only.

Promissory Note secured by Deed of Trust
A Deed of Trust and Promissory Note are usually executed/signed at the same time. The Promissory Note contains the finance terms.

1. Dollar amount of Principle Owed

2. Installment payments or Balloon payment (common with owner financing, borrower can establish history of payments and equity, which banks attractive when financing)
3, Late Charges, $ owed after so many days, with $ owed for each additional day.

4. Default Rate: If Borrowers go into default an increased interest rate is charged, until note is out of default.

5. Overdue Loan Fee: In addition to any other remedies available to Lender if this Note is not paid in full at the Maturity Date, Borrowers shall pay to Lender an Overdue Loan Fee, which fee shall be due at the time this Note is otherwise paid in full. The "Overdue Loan Fee" shall be determined based upon the outstanding principal balance of this Note as of the Maturity Date and shall be:
(a) one percent (1.0%) Of such principal balance if the Note is paid in full on or after thirty (30) days after the Maturity Date but less than sixty (60) days after the Maturity Date, or
(b) two percent (2.0%) of such principal balance if the Note is paid in full on or after sixty (60) days after the Maturity Date.

The obligations of Borrower to Lender under this Note and the Additional Obligations herein remain in full force and effect until Lender has received payment in full of all obligations.
This Note and the Loan Documents are made in and shall be governed by the State of Mississippi. Upon Lender's request, the venue of any legal action in connection with this Note or the Loan Documents shall be in _________County, Mississippi.

Attorney's Fees and Costs: Borrower shall pay all costs incurred by Lender in collecting sums due under this Note after a default, including reasonable attorneys' fees, whether or not suit is brought.

This Deed of Trust and Promissory Note, has stringent default terms and is suitable to owner selling/financing or investor financing. Mississippi Deed of Trust and Promissory Note Forms Have Been Updated as Recently as Monday March 22, 2021

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What others like you are saying:

Laurel D. said: This is a great service. I can't believe how fast my document was recorded!

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Georgiana I. said: The deed itself was easy. I did notice that although the website says that the deed would exempt the house from probate, the deed clearly states that it might not. I hope that "might " is the operative word here.

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Dennis O. said: Everything I needed plus more. Great service!!!

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Jon I. said: I liked the information I download. Just what I was looking for.

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Grace V. said: Easy to use

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Thomas N. said: TODD Form would not print surveyor degrees character (superscript "o") in Exhibit A. It also would not print the "Return Address" or "Prepared By" entries with my middle name as your example showed.

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Mississippi Deed of Trust and Promissory Note Form