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NEW MEXICO FORECLOSURE HELP

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New Mexico Foreclosure Help

In New Mexico, lenders may foreclose on a mortgage in default by using the judicial foreclosure process.

Judicial Foreclosure: 
Generally, in judicial foreclosure, a court decrees the amount of the borrower’s debt and gives him or her a short time to pay.
If the borrower fails to pay within that time, the court then issues a notice of sale.

The notice of sale must contain:
 a legal description of the property and
state the place, the time and the date, which must be at least thirty (30) days   after the notice of sale is issued, on which the foreclosure sale is to be held.

The property will then be sold to the highest bidder on the date specified in the notice.
In most cases, the borrower has up to nine (9) months to redeem the property by paying the amount of the highest bid at the foreclosure sale, plus costs and interest.

Non-judicial foreclosure is only available for commercial and business properties valued at over $500,000.

Related Info:
 Info on Hud foreclosed homes in new mexico see Albuquerque Field Office Department of Housing and Urban Development Centurion Silver 625 Silver Avenue, SW Suite 100
Albuquerque, NM 87102-3185 Phone: (505) 346-6463

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