New Mexico Foreclosure Laws

For private residences in the state of New Mexico, the only option on a foreclosure for the lending institution is the judicial foreclosure. The state does offer the non-judicial method as an option available for commercial and / or business properties and only then if they are valued at over $500,000.

The length of time needed to complete foreclosures in this state is 120 days and the laws here do allow for both the right of redemption for the borrower and the ability of the lender to file for and get a deficiency judgement.

As is normal in this type of foreclosure, the judicial process has the requirement of the lender to sue the borrower who is in default. Once this has happened the court will then issue a legal decree that will state the amount of the borrowers debt and will give the borrower a short time to resolve that debt and make it current.

If the borrower still fails to take care off the default, the court will grant and issue a notice of sale. This notice must have within its body the legal description of the property and the day and time that the sale is scheduled to occur. This date must be at least thirty days after the aforementioned notice of sale is issued.

The local office of the sheriff to the highest cash bidder will then sell the property in foreclosure at that time and date. The borrower will in most cases have nine months in which to redeem the property if he or she pays the amount of the highest bid from the sale plus the costs and interest.

Search New Mexico Foreclosed Homes for Sale