In event of a failure of a purchaser to comply with any of the terms of his contract, or the trust deed, provided for in this chapter, the board shall have the right at its option to cancel such contract or to cause a foreclosure thereof to be made under its deed of trust. Failure of the board to exercise any option to foreclose or to exercise any other rights under the trust deed held by it for any default on the part of the purchaser or mortgagor, shall not be deemed a waiver of its rights then or at any future time to exercise such right or rights. In the event of any sale under foreclosure as herein provided for, the board may appear at such sale and bid on said property, and may become the purchaser at such sale. Property foreclosed, repossessed or otherwise reverted to the board may be conveyed to the Veterans' Administration in the case of VA Guaranty, resold inclusive of refinancing, or otherwise disposed of to the highest financial advantage in the best judgment of the board.
Structure Mississippi Code
Title 35 - War Veterans and Pensions
Chapter 7 - Veterans' Home Purchase Law
§ 35-7-3. Declaration of public policy
§ 35-7-9. Limitation on costs of administration of chapter
§ 35-7-13. Duty of public officials to cooperate with board
§ 35-7-19. Acquisition by board of leasehold interests in certain lands for resale to veterans
§ 35-7-27. Details of contract between board and purchaser
§ 35-7-33. Satisfaction of taxes, assessments, etc.; improvements
§ 35-7-35. Cancellation; foreclosure
§ 35-7-37. Care of property reverting to board
§ 35-7-39. Second purchases of property for veteran
§ 35-7-41. Rights of surviving spouse
§ 35-7-43. Removal of disability of minority
§ 35-7-45. Funds; sale of mortgages; issuance of notes
§ 35-7-47. Special consideration in event of hardship
§ 35-7-49. Confidentiality of information obtained in loan processing