New Mexico Foreclosure Law

In New Mexico, lenders may foreclose on a mortgage in default by using the New Mexico judicial foreclosure process. In New Mexico, non judicial foreclosure is not available except for commercial and business properties valued at over $500,000. Right of redemption and deficiency judgements are allowed in New Mexico foreclosures.

New Mexico Foreclosure Timeline

New Mexico Foreclosure timeline is typically 120 days.

Judicial Foreclosure in New Mexico

Generally, in NM 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 of the foreclosed property.

What does a notice of sale contain in New Mexico Foreclosure Law?

The notice of foreclosure sale in NM must contain:

• a legal description of the property and
• 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 foreclosure sale notice.

Rights of redemption in NM foreclosure law

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.