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New Mexico Foreclosure Laws

Judicial Yes
Non-Judicial No
Process Period 180 Days
Sale Publication NA
Redemption Period 30-270 Days
Sale / NTS Court

Judicial Foreclosures: In New Mexico most foreclosures are done through the court, this is due to a ban on the power-of-sale clauses. The lender is not required by state law to notify the borrower in the beginning stages of the foreclosure process. It begins with the lender filing a foreclosure complaint with the court. The lender then gives notice to the borrower, who had 30 days to reply to the complaint. If the borrower cannot be located the lender publishes the notice in a local newspaper once a week for four weeks. The borrower is given 20 days form the last publication to respond. At any time the borrower can stop the foreclosure process by paying the default amount.

Non-Judicial Foreclosures: In the state of New Mexico out of court foreclosure proceedings are not used.

Sale: If the court decides to rule in favor of the lender a notice of sale must be published in a local newspaper once a week for four consecutive weeks. The sale date is set at least 30 days following the last publication. The bidding must be at 80 percent of the property market value. The highest winner is awarded the property, but the borrower has a month following the sale to redeem their property.

Additional Information on New Mexico Foreclosure