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.

More information on New Mexico foreclosure laws.

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