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Foreclosure Evaluation & Ebook

  • Evaluate Your Situation (Form Below)

    Not many people know how to find the right solutions for their problem. This process will save time and answer many of your questions.

  • Explore All Possible Options

    After the evaluation, you will understand every possible option available for your exact situation. No more searching or worrying about finding a solution.

  • Avoid Further Loss or Judgments

    Regardless of what option you choose, our process takes every possible precaution to help you avoid further losses or deficiency judgments.

  • Recovery From Foreclosure

    Regardless of whether you keep your home, or walk away, we will take steps to help your credit and start the financial recovery.

  • Full Support & Accountability

    We take the problems of our visitors very seriously. We know your financial future is at risk and we pledge our full support to help you through these tough times.

New Mexico Foreclosure Laws

Expected Timeline: Four to six months
Security Instrument: Mortgage
Type of Process: Judicial
Protections for Servicemembers: N.M. Stat. Ann. § 20-4-7.1
Time to Respond: Twenty to thirty days to respond to foreclosure lawsuit. Sheriff sale may not be scheduled for at least 30 days after final judgment in case. Notice must be published for four consecutive weeks and posted in six public places throughout county.
Reinstatement Period: Homeowners have thirty day right to reinstate if they have a high cost loan.
Protections for High-Cost Mortgages: Home Loan Protection Act, N.M. Stat. Ann. § 58-21A-1 to 58-21A-14
Redemption Period: Redemption period is nine months after sheriff sale.
Eviction Process: Former owners must be given a three day notice to quit the property. After this, the new owner may file an eviction lawsuit. Former owners have three to seven days to respond to lawsuit.
Deficiency Judgments: Allowed if brought in a separate lawsuit. Deficiency may not be recovered from low income households.
Limits on Deficiency Judgments: Allowed in judicial foreclosure, but property can not be sold for less than 2/3 of its appraised value. In nonjudicial foreclosure, creditor can sue for deficiency within 6 years of sale, unless property was occupied by a low-income household.
Cash Exempted in Bankruptcy: $11,000 for single person, $22,000 for married couple.
State Statutes: N.M. Stat. Ann. § 48-7-1 to 48-7-24, 39-5-1 to 35-5-23

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.

State Website: www.legis.state.mn.us