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New Mexico Foreclosure Laws

New Mexico Foreclosure Laws

Attorney General's Office

P.O. Drawer 1508
Sanata Fe, NM 87504-1508
Ph: (505) 827-6000
Fax: (505) 827-5826

Foreclosure Laws in New Mexico

Judicial Foreclosure: Yes
Non-Judicial Foreclosure: No. *Except Commercial Properties
Security Instruments: Mortgage
Right of Redemption: Yes. 1-9 Months
Deficiency Judgments: Yes
Time Frame: 120 Days
Public Notice: Complaint

*Non-judicial foreclosure is available only for commercial or business properties valued at $500,000 or more.

Judicial foreclosure: Requires the lender to sue the borrower in default. The court then issues a decree stating the amount of the borrower's debt and gives the borrower a short time to cure the default. If the borrower fails to pay, the court then issues a notice of sale that must contain a legal description of the property and the date and time of sale. The date must be at least thirty days after the notice of sale is issued.

The property will be sold on that date by the county sheriff's office to the highest bidder.

Right of redemption: The borrower then has, in most cases, nine months to redeem the property by paying the amount of the highest bid at the sale plus costs and interest.

Deficiency judgments: The lender may sue to recover any deficiency balance.