Here is a summary of foreclosure laws and rules for the State of New Mexico:
- In New Mexico foreclosure law requires lenders to foreclose with judicial foreclosure.
- The redemption period is from 30 to 270 days.
- The winning bid at auction must be at least eighty percent of the fair market value of the property.
- A lender may obtain a deficiency judgment.
Much more information is available throughout this website, but for definitive advice ask a New Mexico lawyer.
If you are interested in reading the actual statutes relevant to mortgage and foreclosure in New Mexico those laws are available online.
Learn more about what the above procedures and rules mean. Review the homeowner foreclosure guide on this website.