New Mexico Foreclosure Law

New Mexico Foreclosure Laws

New Mexico foreclosure laws for homes provide that a judicial foreclosure is the only method available to lenders to remedy a defaulted mortgage. 

According to New Mexico foreclosure law, in order to begin the foreclosure process the lender is required to sue the borrower.  The courts will make a determination of how much is owed as well as how long the borrower has to correct the default in order to retain the property. 

In the event that the borrower does not correct the default, the courts will issue a Notice of Sale, which will contain an exact legal description of the property and all details of the sale including the time, date, and location.  New Mexico foreclosure laws require a period of 30 days pass between the notice being issued and the date of the sale.

The county sheriff’s office for the county with jurisdiction over the property is responsible for conducting the sale.  The highest bidder will be awarded the property.

In New Mexico, the borrower has a period of nine months to redeem the property if they pay the amount of the successful bid from the auction plus any applicable interest and costs from the foreclosure process.

The lender is permitted to seek a deficiency judgment in order to correct any deficiency between the sale price of the property and the actual amount that is due on the mortgage.

Non-judicial foreclosures are only available under New Mexico foreclosure law if the property in default is commercial and it must be worth more than $500,000.

For more information on New Mexico foreclosure laws click here.

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