New Mexico lenders must go to court in order to foreclose on a property if a borrower is in default on his or her mortgage. The district court is responsible for handling foreclosure claims. The property must be sold at a public sale.
There is a limited exception to the rule that lenders can only foreclose on properties by going to court. Commercial properties that are worth at least $500,000 may be able to be foreclosed upon through non judicial means if the mortgage agreement allows.
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