Foreclosure Guidelines in New Mexico

Highlights:

Judicial/ Non-Judicial Foreclosure: Available/ Not-Available

Right of Redemption / Deficiency Judgment: Yes / Yes

Timeline: 120 Days, Can vary depending on individual cases

Deed of Trust / Mortgage as Security Instruments: Mortgage

Only the Judicial foreclosure process is followed in New Mexico.

Judicial Foreclosure process:   

In a Judicial Foreclosure process, the lender needs to file a lawsuit against the borrower in case they happen to default on their mortgage payments. The court verifies the default and if it is convinced, it determines the amount that needs to be paid by the borrower and gives them some time. If the borrower does not pay up by then, it issues a foreclosure order/ notice of sale. On the date of the foreclosure sale, the property is sold off to the highest bidder through a public auction.

The notice of sale should be issued at least 30 days before the actual date of the foreclosure sale and it should contain all the details about the lender, borrower, property, date/time/venue of the foreclosure sale, etc.

Generally the borrower can exercise their right of redemption for up to nine months from the date of the foreclosure sale, by paying up the amount offered by the highest bidder, along with any interests and other charges. Even the Non-Judicial foreclosure process is  available for a few cases where the value of the property is more than five hundred thousand dollars.