New Mexico Foreclosure Timeline and Laws

New Mexico Foreclosure Process and Procedure

If you default on your mortgage, your lender can institute foreclosure proceedings against you and auction your property at a foreclosure sale.

New Mexico foreclosures are conducted by judicial foreclosure. Non-judicial foreclosure is rarely issued.

Notice Requirements for Foreclosure in New Mexico

A notice of foreclosure sale must be given to the borrower in person.  If the borrower cannot be located, then a notice of pending lawsuit in addition to the notice of foreclosure sale, must be published once a week for four weeks in a local newspaper in the county where the property is located. The borrower has 20 days from the last publication to respond.  No sale can be less than 2/3rds of the property appraised value.

New Mexico Deficiency and Anti-Deficiency Laws

The lender may obtain a deficiency judgment if the property is sold at a public sale for less than the loan amount. No deficiency judgment is allowed in a non-judicial foreclosure if the property is low income property.

New Mexico Redemption Rights

New Mexico has a post-sale statutory right of redemption which allows the borrower to redeem the property up to 9 months after the sale by paying the unpaid loan plus costs, taxes and interest at the rate of 10%.  

New Mexico Assistance, Special Programs, Government Help, and Law Updates

Foreclosure Programs:

• New Mexico Foreclosure Avoidance Counseling -HUD
• The Home Affordable Mortgage Modification Program
• The Home Affordable Refinance Program
• The Home Affordable Foreclosure Alternatives Program
• FHA Secure
• Hope for Homeowners

Foreclosure Lawyer

New Mexico foreclosure laws are complex. It is recommended that you consult with a foreclosure lawyer who can advise you about options to avoid foreclosure including refinancing, reinstatement, deed in lieu, mortgage modification, short sale or bankruptcy.