New Mexico Foreclosure Laws
New Mexico Foreclosure Laws
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New Mexico Foreclosure is Judicial.
The New Mexico Foreclosure process begins when a summons is submitted; typically a response is required within 25-30 days, if uncontested there will be entry of judgment, and the sheriff will publish and post notice of foreclosure sale.
New Mexico Foreclosure Notice of Sale
New Mexico foreclosure law states that the notice of sale must contain a legal description of the property, the place, the time and the date of sale, 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.
The whole process takes a minimum of eight months to complete. Two months to default parties, four to six months until entry of judgment, and two more months before the sheriff publishes and posts the property for sale.
New Mexico Foreclosure Redemption Period
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 New Mexico foreclosure sale, plus fees, penalties and interest.
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