Quick Facts
– 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 a judicial foreclosure, a court decrees the amount of the borrower’s debt and gives them a short time to pay. If the borrower fails to pay within that time, the court then issues a notice of sale.
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.
Borrower Redemption Allowed
In most cases, the borrower has up to nine (9) months to redeem the property by paying 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.
