New Mexico Foreclosure Law Summary
Stop New Mexico Foreclosure
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.
More information on New Mexico foreclosure laws.
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