New Mexico
New Mexico Statutes § 48-7-1. Judicial foreclosure state.
Judicial Type
Judicial
Redemption
1 month from the date of sale (N.M. Stat. Ann. § 39-5-18). T
Deficiency
Lender may pursue deficiency. Deficiency determined by the c
Mediation
New Mexico Mortgage Finance Authority provides foreclosure p
Statute Citation
N.M. Stat. Ann. §§ 48-7-1 to 48-7-24
Redemption Period
1 month from the date of sale (N.M. Stat. Ann. § 39-5-18). The homeowner may redeem by paying the sale price plus costs.
Deficiency Judgment Rule
Lender may pursue deficiency. Deficiency determined by the court and limited to debt − fair market value. The court must hold a fair value hearing.
Notice Requirements
Foreclosure complaint served. Judgment of foreclosure. Special master's sale after judgment. Notice of sale published 4 consecutive weeks.
Mediation Program
New Mexico Mortgage Finance Authority provides foreclosure prevention and mediation resources. No mandatory statewide program.
Key Provisions
- Judicial foreclosure — court decree required
- 1-month redemption period after sale
- Fair value hearing for deficiency
- 4-week publication requirement
Homeowner Protections
- Judicial process with full court oversight
- 1-month redemption period
- Fair value limitation on deficiency
- Mortgage Finance Authority counseling resources
Frequently Asked Questions
How long do I have to redeem in New Mexico?+
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