New Mexico Foreclosure Help – Stop Foreclosure in New Mexico


Finding Foreclosure Help in New Mexico

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 NeighborWorksĀ® 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

New Mexico Foreclosure Laws Summary

Quick Facts:

  • Judicial foreclosure process is available.
  • Non-judicial foreclosure process is not available.
  • The primary security instruments are mortgages.
  • The timeline can vary by process, which typically takes 120 days.
  • The borrower has rights of redemption.
  • The lender may sue for deficiency judgements.

Lenders in New Mexico may foreclose on mortgages in default through a judicial process.

Judicial Foreclosure
In this foreclosure type, the court determines the amount that the borrower has to pay in order to stop the foreclosure process. The borrower is given ample time to come up with the payment so that the property will not be sold. But if the borrower is still unable to pay his debts within the given time period, the court will declare the property for sale and it will be sold to the highest bidder at a public auction.

A notice of sale must also be announced to the public, and this should include the time, date and place of sale. As much as possible, this notice should be put out at least 30 days before the date of the foreclosure sale.

The borrower may redeem the property within 9 months from the date of sale by paying an equivalent to the highest bid, plus interest and costs of the entire foreclosure process.

Non-Judicial Foreclosure

For properties that are worth more than $500,000, the non-judicial foreclosure process is used.