Timeline:
120 Days
Redemption:
9 months after sale
Deficiency
Judgments: Yes
Judicial
Foreclosure: Yes
Non-Judicial
Foreclosure: Only commercial property
Security
Instruments: Mortgage
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New
Mexico foreclosure law allows for both Non-Judicial and Judicial
Foreclosure procedures. However, for a Non-Judicial Foreclosure,
the property must be commercial property with a value of $500,000
or higher.
The
Judicial Foreclosure process requires the lender to sue the
borrower in court to obtain a decree that states the amount
of the borrower's debt. The court will give the borrower a set
period to cure the default, and if the borrower is unable to
satisfy the amount, the court issues an order of sale. |
The
notice of sale issued by the court must contain the date and
time of the sale of the property, as well as a legal description
of the property. The date of the sale can not be less than thirty
(30) days from the date the notice of sale is issued.
The
sheriff of the county in which the property is located conducts
the sale.
The
borrower has a nine (9) month period after the sale in which
he can redeem the property by paying the amount of the high
bid at the auction, plus costs and interest.
The
lender has the right to sue the borrower for a deficiency judgment
if the sale price is not sufficient enough to cover the balance
of the loan plus costs.
New Mexico Foreclosure Law