New Mexico Foreclosure Process and Laws
Quick Facts About the New Mexico Foreclosure Process
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
To foreclose mortgages and deeds of trust, lenders in New Mexico should undergo the judicial foreclosure process.
The court plays an important role in judicial foreclosure. They are the ones who are tasked to declare the amount of debt as well as the time at which it must be settled. If within the given time, debt is still unsettled, the court will give a notice of sale. The property will then be sold to the highest bidder.
In this notice of sale, the following must be indicated:
- Time of sale
- Date of sale (preferrably 30 days after the release date of the notice of sale)
- Place of sale
The borrower is allowed to redeem the property up to 9 months from the foreclosure sale. He should pay the highest bid plus the interest and the costs incurred thru time.
For properties with a value more than $500,000, the non-judicial foreclosure applies.
Foreclosure Avoidance Counseling
HUD-approved housing counseling agencies are available to provide you with the information and assistance you need to avoid foreclosure. As part of President Obama’s comprehensive Homeowner Affordability and Stability Plan (HASP), you may be eligible for a special Making Home Affordable loan modification or refinance, to reduce your monthly payments and help you keep your home.
If you need help understanding the Making Home Affordable programs, you can use this search tool to find a counseling agency in your area that will provide you with free foreclosure prevention services. If you are eligible for the loan modification or refinance program, the counselor will work with you to compile an intake package for your servicer.
Foreclosure prevention counseling services are provided free of charge by nonprofit housing counseling agencies working in partnership with the Federal Government. These agencies are funded, in part, by HUD and NeighborWorks® America. There is no need to pay a private company for these services.
Albuquerque Field Office
Department of Housing and Urban Development
625 Silver Avenue, SW Suite 100
Albuquerque, NM 87102-3185
Phone: (505) 346-6463
Fax: (505) 346-6704
Field Office Director
Office Hours: 8:00 a.m. to 4:30 p.m.
Monday through Friday