Stop Foreclosure in Mexico

 


How to Stop Foreclosure in New Mexico

There has been over 800.000 total foreclosures in the first quarter of 2009 alone. This is due to multiple reasons such as increasing levels of unemployment, getting a hard time at getting a bank loan, and a lack of low interest adjustable rate mortgages. Since a lot of homeowners are facing the emminent problem of foreclosures, it is very much important for you to know what the law has to say about foreclosures.

  • Step 1
    In most cases, loan modification can quickly solve the problem. However, like any solution, there are still pros and cons for this method. A successful Loan Modification can get you an interest rate reduction up to 2%.
  • Step 2
    You can also get the reinstatement amount deffered and placed back on your mortgage which will then be added to the current principle. Still, if you are lucky, you can have the actual principle reduced. This will all depend on how you and your lenders compromise. So talk to them at once.
  • Step 3
    The problem with this is that you only get one shot at a Loan Modification so you must be able to pay for it well this time. This makes contacting your lenders important since you can get payment options that you can very well afford that is within your financial ability.
  • Step 4
    Be wary of those that claim that they can assist in your mortgage modifications especially if they ask you to pay downpayments.There are a lot of scams out there that prey on susceptible homeowners that is why you should only talk with reputable proffessionals that can really help you.

Synopsis of New Mexico Foreclosure Laws

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

Non-judicial foreclosure is only available for commercial and business properties valued at over $500,000.

Where to go to for Foreclosure Help

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

Stop Foreclosure Early

Vanguard Mortgage Services
505-286-3071 x 115
2 Marietta Court Suite B
Edgewood, NM

www.discount-reverse-mortgage.com
505-977-3971
5810 4th Street NW
Albuquerque, NM

Weststar Mortgage
(505) 875-6722
2155 Louisiana Blvd NE
Albuquerque, NM

Wells Fargo – Dulce
575-759-3327
614 Hawks Dr
Dulce, NM

Wells Fargo – Hobbs
575-391-3600
1910 N Turner St
Hobbs, NM

GUARANTEE MORTGAGE
505-400-7080
3810 OSUNA RD NE
ALBUQUERQUE, NM

Perfection Mortgage, Inc.
(505) 796-8954
8214 2nd St NW Suite A
Albuquerque, NM

Perfection Mortgage, Inc.
Home Loan New Mexico
575-388-2875
416 N E Street
Silver City, NM

Bank of America – Farmington Main
505.599.3600
2200 East Main St.
Farmington, NM

Wells Fargo – Belen Main
505-864-7401
101 S Main St
Belen, NM