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.

Judicial Foreclosure
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.

Non-Judicial Foreclosure
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
Centurion Silver

625 Silver Avenue, SW Suite 100
Albuquerque, NM 87102-3185

Phone: (505) 346-6463

Fax: (505) 346-6704

Elva Castillo
Field Office Director
Office Hours: 8:00 a.m. to 4:30 p.m.
Monday through Friday