New Mexico Foreclosure Law Summary
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.
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