- 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.
