Paul Clark
In this Blog we open the conversation with
economic loss caused by the current mortgage
crisis.
New
Mexico Foreclosure Law
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.
