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.
Speak to an Experienced Foreclosure and Alternatives Attorney Today
This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified foreclosure and alternatives lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local foreclosure and alternatives attorney to discuss your specific legal situation.