- Judicial Foreclosure Available: Yes
- Non-Judicial Foreclosure Available: No
- Primary Security Instruments: Mortgage
- Timeline: Typically 120 days
- Right of Redemption: Yes
- Deficiency Judgments Allowed: Yes
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.
More information on New Mexico foreclosure laws.
