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New Mexico Foreclosure Law |
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- 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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Legal Information Is Not The Same as Legal Advice
This site provides information about foreclosure law designed to help users safely cope with their own legal needs. But legal information is not the same as legal advice. The application of law varies with an individual's specific circumstances. The laws of every state are in constant change, and Although we go to great lengths to make sure our information is accurate and useful, we recommend you consult a lawyer if you want professional assurance that our information, and your interpretation of it, is appropriate to your particular situation. |
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