New Mexico Foreclosure Law

Facts:

Judicial Foreclosure Available:     Yes

Non-Judicial Foreclosure Available:       No

Primary Security Instruments:      Mortgage

Timeline:     Approximately 120 days

Right of Redemption:       Yes

Deficiency Judgments Allowed:       Yes

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Quick Summary:

In New Mexico, lenders may foreclose on mortgages in default using the judicial foreclosure process only. Non-judicial foreclosure is only available for commercial and business properties valued at over $500,000. 

 

The foreclosure timeline in New Mexico is typically 120 days from the time you miss your first payment until a Notice of Default or Notice of Sale is issued to your actual foreclosure date and sale.

New Mexico borrowers have up to nine months to redeem the property and are allowed deficiency judgments.

For more information on New Mexico Foreclosure laws and regulations visit  http://www.ncsl.org/public/leglinks.cfm and click on your state.

Or Contact:

New Mexico's Attorney General's Office
P.O. Drawer 1508
Sanata Fe, NM 87504-1508
Ph: (505) 827-6000
Fax: (505) 827-5826