89-1-303 - Hearing; determination of carrying charge payments.
§ 89-1-303. Hearing; determination of carrying charge payments.
Suits for the foreclosure of mortgages and deeds of trust shall be deemed ready for final hearing at any time after the expiration of thirty (30) days from the completion of the service of legal process on all parties. On the hearing, the court or chancellor in vacation shall receive evidence tending to establish the reasonable, normal, actual value of the mortgaged property, may fix a minimum price or reasonable and equitable price thereon, and shall determine the reasonable value of the income on said property, if any. If it has no income, then the court or chancellor in vacation shall determine the reasonable rental value, and in lieu of a present order of sale shall direct and require the mortgagor or those interested therein to pay all or a reasonable part of said income or rental value to be used for the payment of taxes, insurance and interest on the mortgage indebtedness, together with a reasonable sum for the upkeep of said property. Said payments shall be made at such times and in such manner as shall be fixed and determined and ordered by the court or chancellor in vacation which, according to the circumstances, may appear just and equitable for a term not to extend beyond two (2) years from the date of the disaster declaration by the governor in which he specifically included the relief provided for in Sections 89-1-301 to 89-1-329. After the expiration of two (2) years from the date of the disaster declaration by the governor in which he specifically included the relief provided for in Sections 89-1-301 to 89-1-329, if any past due principal, interest, taxes and the like have not been paid, a final order for sale may be made.
Sources: Laws, 1980, ch. 371, § 2, eff from and after passage (approved April 25, 1980).