New Mexico · What this letter means
New Mexico foreclosure letters and notices
The papers New Mexico homeowners receive, in the order they usually arrive. Each page uses the name on the New Mexico document, explains the deadline it starts under New Mexico law, and lists what to do this week.
- Step 1
Notice of the Right to Cure the Default (Home Loan Protection Act)
For most owner-occupied home loans, New Mexico's Home Loan Protection Act requires the lender to send a notice of the right to cure before it can file a foreclosure. It must give you at least 30 days from delivery to catch up, and the lender must accept partial payments you make in response.
What it means - Step 2
Summons and Complaint for Foreclosure (with Plaintiff's Certification of Pre-Filing Notice)
New Mexico home foreclosures happen in district court. The lawsuit starts when the lender files a complaint and you are served with a summons, which gives you 30 days to respond with an answer or motion. For your home, the lender must also file a certification that it sent you a pre-filing notice of your options.
What it means - Step 3
Order of Referral to the Foreclosure Settlement Program
In many New Mexico residential foreclosure cases, the district court sends the case to its Foreclosure Settlement Program. The case is put on hold while a neutral settlement facilitator helps you and the lender explore options. You must turn in the Homeowner Information Form by your deadline and complete the lender's loss mitigation application.
What it means - Step 4
Notice of Sale (foreclosure sale under judgment, usually by a special master)
After a New Mexico judge enters a foreclosure judgment, the home is sold at a public sale, usually run by a special master. The sale cannot happen until at least 30 days after the judgment, and during those 30 days you can stop it by paying the full judgment to the court clerk. Notice must be published for 4 weeks.
What it means - Step 5
Order Confirming Special Master's Report (order confirming sale)
After a New Mexico foreclosure sale, the judge reviews the special master's report and files an order confirming the sale. The date that order is filed starts your redemption period, which is 9 months unless your mortgage shortens it, never to less than 1 month. During that time you can buy the home back.
What it means
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