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
borrowers 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.
Foreclosure Process
New Mexico Foreclosure
Laws
