New Mexico Foreclosure
New Mexico Foreclosure Law does allow non judicial foreclosure but as applicable to commercial properties which are valued over $500,000, so lenders have only judicial foreclosure process. Borrowers have their rights of redemption and lenders deficiency judgments’. Mortgage is the security document and typical timeline is 120 days. Usually court begins foreclosure by decreeing the amount due to the lender with borrower getting a short period to pay it off. Failure of borrowers’ part will t4rigger foreclosure sale. Notice will carry legal description of property and place, time and date of sale which must be 30 days from the date of notice. To redeem after sale, borrower has to pay the highest bid plus cost and interest.
Search Foreclosure Listings for the major cities in New Mexico
Buying Foreclosure? 