Legal Solutions for You,
Your Family & Your Business
Find a bankruptcy attorney in Nolo's Lawyer Directory!
Resources on Foreclosure, Credit & Debt, and Bankruptcy
Foreclosure Survival Guide
Own a copy of this helpful reference from Nolo, the #1 consumer legal publisher. Available in paperback and eBook formats.
Foreclosure Survival Guide (1st Edition)
| Topic | State Rule |
|---|---|
| Common type of foreclosure process | Judicial |
| Time to respond | Judicial: Homeowner has 20 to 30 days to respond after being served with summons and complaint. After the court issues a foreclosure judgment, sale may not occur for 30 days. Foreclosing party must publish notice of sale four consecutive weeks before sale in a newspaper printed in the county (or if there is none, then in the official newspaper for the county) and also post notices in six of the most public places in the county.
Nonjudicial: 90 days after foreclosing party records notice of sale |
| Reinstatement of loan before sale | Only if loan is a high-cost loan. Homeowner must be given a 30-day opportunity to reinstate before complaint filed. |
| Redemption after sale | Available for nine months after sale |
| Special protections for foreclosures involving high-cost mortgages | Assignees of high-cost loans may be held responsible for acts of lenders and mortgage originators and violations may be used to defend against the foreclosure (see Ch. 7). Home Loan Protection Act, N.M. Stat. Ann. §§ 58-21A-1 to 58 21A-14 |
| Special state protections for service members | N.M. Stat. Ann. § 20-4-7.1 |
| Deficiency judgments | May be obtained by filing a separate lawsuit; may not be recovered against a low-income household. |
| Cash exempted in bankruptcy | About $11,000 for one person, $22,000 for a married couple under federal bankruptcy exemptions |
| Notice to leave after house is sold | New owner must give the former owner a three-day notice to quit (leave) before filing an eviction lawsuit, to which former owner has three to seven days to respond. |
| Foreclosure statutes | N.M. Stat. Ann. §§ 48-7-1 to 48-7-24, 39-5-1 to 39-5-23 |