New Mexico Foreclosure Process

The New Mexico foreclosure process has a few steps that occur that you will go through. All of the steps will allow you to save your home except for the final auction.

The first step that initiates the New Mexico foreclosure process is when you miss a payment or two on your mortgage loan. When this occurs the bank will file with the courts a notification that you have defaulted on your loan and it will also be listed in the local newspaper public announcement section. This can be very embarrassing for some people, even those that are just late on a mortgage payment.

The next thing that will happen once the lender has sent a notice of default is spend the next 90 days trying to contact you to make a deal or find a solution that will work for you to keep your home. The lender will offer you plenty of options and if you decide you do not want to keep your home the bank will encourage you to try and sell it.

You do not have to try to sell your home when going through the New Mexico foreclosure process. If you know you are going to lose your home it is the best option so you do not have a foreclosure on your credit reports. You can also ask the bank for a deed in lieu and see if they will approve it. In most cases, if you have worked with the bank throughout the entire process and cannot sell the home and the bank sees you have done everything you can they will allow you to have a deed in lieu.

The New Mexico foreclosure process can take up to 9 months for a home to go to auction. This is plenty of time to sell your home or work with the bank for an option that works with you. Always work with the lender on options you might be able to consider.

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