Below are the laws pertaining to home foreclosure in the state of New Mexico.
Quick Facts
- Judicial Foreclosure Available: Yes
- Non-Judicial Foreclosure Available: No
- Primary Security Instruments: Mortgage
- Timeline: Typically 120 days
- Right of Redemption: Yes
- Deficiency Judgments Allowed: Yes
In New Mexico, lenders may foreclose on a mortgage in default by using the judicial foreclosure process.
Judicial Foreclosure
Generally, in judicial foreclosure, a court decrees the amount of the borrowers debt and gives him or her a short time to pay. If the borrower fails to pay within that time, the court then issues a
notice of sale.
The notice of sale must contain a legal description of the property and state the place, the time and the date, which must be at least thirty (30) days after the notice of sale is issued, on which
the foreclosure sale is to be held. The property will then be sold to the highest bidder on the date specified in the notice.
In most cases, the borrower has up to nine (9) months to redeem the property by paying the amount of the highest bid at the foreclosure sale, plus costs and interest.
Non-judicial foreclosure is only available for commercial and business properties valued at over $500,000.
Foreclosure Summary copyright, © ForeclosureLaw.org
For more information on foreclosure laws in other states, please read Stopping A Foreclosure On A
Home
Check with your state for the most current information on home foreclosure laws.
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