What Can you do to Stop Foreclosure in New Mexico?



Most of the foreclosures in New Mexico are judicial so the supreme authority is the court. It is the court that issues a notice of sale if the homeowner fails to pay the mortgage to the lender on time. Some foreclosure cases in New Mexico can be non-judicial as well. Lenders prefer to go for the foreclosure process by using the judicial method in New Mexico. So, it is very important for the homeowners to know the process as well the steps that can be taken to stop foreclosure in New Mexico.

The Office of Attorney General in New Mexico can help to stop foreclosure in New Mexico: The Office of Attorney General in New Mexico has partnered with non-profit agencies to help homeowners save their home by offering free:

·    Counselling services to work with homeowners so that they can speak with their lenders

·     Attorneys to advice on their specific case


If you fear foreclosure, do not wait, it is the time to contact your lender and counsellors or attorneys who can help you.

Notice of the right to cure and programs: Before a foreclosure process starts, the homeowners get the notice of the right to cure. Such a notice must be sent to the homeowner at least 30 days before filing the lawsuit. It is mandatory for the lender to add below given information in the notice:

·         The nature of default
·         Ways in which dues can be cleared, including late fee or any unpaid interest.
·         The last date by which the homeowner needs to pay the dues 
·         The impending lawsuit

What are the options to stop foreclosure in New Mexico?

There are certain judicial districts in New Mexico that offer free or low-cost programs to homeowners to avoid foreclosure. You must talk to the attorney to find out if such a program exists in your district.

Here are the top ways to prevent foreclosure in New Mexico:

Short sale: It is the best way to avoid foreclosure, though you are losing your home but your credit score does not get affected. So, you are eligible to get another loan. It is advised to go for short sale to pay back the debts you owe to the bank.

Deed in lieu of foreclosure: In such a situation the homeowner transfers the deed of the property to the lender so that they can cancel the remaining debt. You will in this way lose your home but won’t have a foreclosure on your record.

Before you proceed with any of the above stated ways to stop foreclosure in New Mexico, it is good to connect with an expert and take proper advice.



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