New Mexico Foreclosure Laws

by: Barry Johnson

-  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.

Facebook comments:

Tags: , ,

About Barry Johnson

Barry Johnson is a Co-Editor and writer for iNews. He takes a "no holds barred" writing approach to all of the subjects he covers. Opinionated, and with a well established sense of right and wrong, you can always count on him to tell it like it is. He gets his core values from growing up in the South, where God and Country are the prevailing themes. You may not like what he has to say, but know that he believes in it to his very core. As an editor, he will stand by each writer in their decision to take on controversial subjects and allow them to tell the story in their own unique ways.
View all posts by Barry Johnson →

We'd Love To Connect With You!

subscribe to our network

Comments are closed.