New Mexico foreclosure

The New Mexico foreclosure process is always judicial except for commercial property and business property valued at $500,000 or more. The judicial foreclosure process requires that the lender file a lawsuit at the courthouse of the county where the property is located.

As is usually the case in judicial foreclosure, the judge will determine how much you, the borrower, will need to pay in order to stop the foreclosure. You will then be given a bit of time to pay this amount. If you don't pay in the time allowed, then the judge will issue an order to sell the house at auction.

The notice of this sale will then be posted at the courthouse. It will contain: a description of the property, location of where the sale will take place, date and time of the sale. Incidentally, the sale cannot occur until at least 30 days after this notice is issued by the judge.

This process will usually take about 4 months to complete.

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