New Mexico State Foreclosure Laws
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New Mexico Foreclosure
Laws
- Judicial Foreclosure Available:
Yes
- Non-Judicial Foreclosure
Available:
No
- Right of Redemption:
Yes
- Deficiency Judgments allowed:
Yes
- Special Comments:
None
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.
State Law information provided by Foreclosurelaw.org
What can you do
Our foreclosure specialists understand what your Mortgage Company requires to avoid foreclosure or stop foreclosure. We understand what it takes to get a mortgage workout approved.
We will use one of these strategies or perhaps a combination of workout plans to develop your personalized strategy to stop foreclosure:
- Reinstatement Plan
- Repayment Plan
- Loan Modification/Loan restructuring
- Loan Refinance
- Loan Forbearance
- Partial Claim
- Pre-Foreclosure Sale
- Short Sale
- Deed-in-Lieu of Foreclosure
We call ourselves Specialists because we
SPECIALIZE in helping people get out of foreclosure.
Our Name, American Foreclosure Specialists, is the name that you can trust.
Do you want to Stop Foreclosure? Fill out our Free Questionnaire