New Mexico Foreclosure - Avoid New Mexico Foreclosure - Save Your Home

Stop New Mexico Foreclosure

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Do You Qualify For The Goverment Mortgage Bailout Program.
One of our foreclosure experts will be able to determine if you are eligible for free, usually within 15 minutes!

Foreclosure is a very serious matter, your now receiving all sorts of letters in the mail from different companies all telling you that they can help you. They can be very confusing.

Many companies will make big promises. For example, if a company tells you that they can lower your rate to a specific interest rate, lets use 5.25% as an example, chances are they are not being straight with you. Interest rate reductions are a moving target, nothing is set in stone until the mortgage company signs off on it. Another red flag is how a company accepts payment for their fee's. If they only accept payment by Western Union or cashiers check, this means that you have no recourse in getting your money back. Which is exactly the way they want it. Reputable companies accept debit cards as payment for services. By accepting debit cards (not paypal) this means the company has a merchant account and YOU have recourse through your bank. Qualifying for a merchant account requires that a company has been in business for at least two years with a good history. If you want to find out how long a company has been in business, a good way to check is by checking out when the their internet domain name was registered. Many companies put together a impressive website and then when the authorities start coming after them they simply register a website under a different name. You can check a websites creation date by going to www.betterwhois.com. Chances are you will find that they have registered the domain name within the last year or so. Do you want to trust your home to someone with little to no experience?

Just Walk Away
It has come to our attention that some organizations are advising people on the phone and by mailers to home owners, to just walk away and let it go to foreclosure. It appears the organizations behind this campaign may be groups of investors that want to buy your property cheap at auction. This can be devastating for home owners in many states, as the home owner is responsible for the deficiency, which means if you owe $225,000 on your loan, and your home sells for $100,000 at auction, you're on the hook for the $125,000 difference. They can garnish wages to get it. This means the investor gets a great deal and the homeowner gets a huge bill as they are being kicked to the curb.

Private Investors/Lenders:
They will tell you that they will bring your mortgage current and payoff all back fees to save your home, and they will too, for a price of coarse.

In order for them to do that you must " quick Deed" (sign over your home to them in their name). In turn they will gladly lease your home back to you with 15-20% higher payments for maybe 1-2 or 3 years until they have made their investment back. Then they will agree sign your home back to you. Sounds good so far right? But here's the trick.

In the contract that you sign, always somewhere in the fine print. It will say if the leasee (you) are 24 hours late with your monthly payment within the duration of your contract, that the lessee (you) must evacuate the premises. Usually within 5 - 7 days. Over 90% of homeowners that fall for this trick end up losing there homes. These investors all know that you've had payment problems in the past, that's why they prey on homeowners in your situation. Next thing you know your family is out on the street, with no home or hope and the investor just tricked you out of your $150,000 home that cost them only $4,000 to $5,000 so PLEASE BEWARE, don't do it.

New Loan:
you to take out another loan (it sounds good on the surface but you'll pay much, much more in the long run). You have to start of a new loan from the beginning, you eventually lose all of your equity. All of your past payments are just wasted. You gain nothing. Don't fall for it.

Bankruptcy:
Don't do it! It will only save your home temporarily. Big rouble awaits you around the corner. Everyone says "file for bankruptcy it's easy don't worry we can get you squared away". Yea right. Do yourself a huge favor Don't do it!!

If you truly would like to save your home and have your case handled correctly, call the professionals. We will evaluate your case for free and inform you of your rights as a homeowner. We will introduce you to the many options that are available to save your home. To get your free evaluation either fill out a short questionier by clicking here or call now, 1-888-209-1424.

NEWS ALERT!!!
For information about the new goverment bail out program just passed by congress click here.

New Mexico Foreclosure Process

Foreclosure Process

When you develop a definite plan of action with well-timed, well-informed steps, you can stop the foreclosure process and save your home. We have outline the foreclose process for the state of New Mexico .

Judicial foreclosure available: Yes
Non-Judicial foreclosure available: Yes

A lender must file a lawsuit and undertake judicial foreclosure unless the loan is covered by the Deed of Trust Act, which allows non-judicial foreclosure. However, the Deed of Trust Act applies only to business and commercial loans on real estate in excess of $500,000 and then only if the borrower agreed, in writing, to the deed of trust arrangement. Otherwise, in a typical foreclosure on a house, whether under a mortgage, trust deed or deed of trust, the lender must arrange to file a lawsuit, win a judgment ordering foreclosure and arrange a foreclosure sale in the manner required by law.

Judicial Sale

Once the lender wins a judgment, then it can go ahead and arrange to sell the property to pay off what the borrower owes, in accordance with the court judgment. A notice of sale must first be given, then a sale can take place in 30 days.

Contents

The notice of sale should specify the date, time and place of sale. It should also give a legal description of the property.

Advertising

The notice of sale must be published once a week for four consecutive weeks. The last ad must be published at least three days before the foreclosure sale.

Cure

The borrower may prevent the foreclosure by paying the amount of the judgment.

Time

The sale may not take place until 30 days after the date the court grants a judgment in favor of the lender.

Manner

The property will be sold to the highest bidder. However, if the sale fails due to lack of bidding, then the property may be offered again for sale any time before the return date on the writ of execution issued by the court to enforced its judgment.

Redemption

After the sale, the real estate may be redeemed by the former borrower or owner by paying, at any time within nine months from the date of sale, the amount of the successful foreclosure bid, with interest at 10 percent a year, plus taxed and costs. The parties may agree to a shorter term, but not less than one month. For good cause, however, the court can increase the period to not more than nine months.

Once the borrower files the suit for redemption and serves it on the lender, the lender has 30 days to respond. Sometime after the response, or by default, the court will hold a hearing to determine the amount of money necessary for redemption. At the conclusion of the hearing, the clerk of the court will issue a certificate of redemption.

Deficiency

A lender may obtain a deficiency judgment. The matter is unregulated by statute.

This information is a general overview of the New Mexico foreclosure laws. We don't guarantee it's accuracy as house foreclosure laws can change. Please contact us directly at 1-888-209-1424 we would be happy to assist with any stopping foreclosure questions you may have.
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