- Who sends it
- The district court judge, filed in your foreclosure case
- What it starts
- Your redemption period: 9 months from filing, or the shorter period in your mortgage (at least 1 month)
- Do this first
- Write down the filing date and check your mortgage for a shortened redemption period
What this document is in New Mexico
Under NMSA § 39-5-18, for redemption purposes "'date of sale' means the date the district court order confirming the special master's report is filed in the office of the clerk of the court." So this order, not the auction day, starts your clock.
The New Mexico funnel file notes that the order confirming the sale is a final order you can appeal, and that courts have considered objections that a sale price was so low it shocks the conscience. Appeal deadlines are short, so talk to a lawyer right away if you want to object.
What it does and does not mean
- You have the first right to redeem (NMSA § 39-5-18(A)).
- To redeem, you pay the buyer the amount paid at the sale plus 10 percent a year interest from the date of sale, plus any taxes, interest, penalties and payments on prior liens the buyer made, with 10 percent interest on those. Or you file a petition for redemption in the foreclosure case and deposit that amount in cash with the clerk (NMSA § 39-5-18(A)).
- If you file a petition, the buyer must answer within 30 days after service, and the judge holds a hearing, sets the amount and can order the clerk to issue a certificate of redemption (NMSA § 39-5-18(B), (C)).
- It does not by itself remove you. The buyer can ask the court for a writ of assistance, but when that can happen during redemption was not confirmed in the state files. Talk to legal aid if you plan to redeem.
- Any money left after the judgment and costs is handled by the court's orders in your case. See foreclosure surplus funds in New Mexico.
The deadline it starts and how to count it
Count 9 months from the date the order confirming the special master's report was filed with the clerk, not from the auction date. If your mortgage sets a shorter period, use that, but it can never be less than 1 month (NMSA § 39-5-19, per the New Mexico state file). A shortened period could be lengthened only if you asked the judge before judgment.
File your petition and deposit well before the last day so there is time to fix any problem.
What to do this week
- Get a copy of the order and the special master's report from the court file. Write down the filing date and the sale price.
- Read your mortgage for a redemption period shorter than 9 months.
- Add up the redemption amount: sale price plus 10 percent a year, plus any taxes or lien payments the buyer made.
- Check whether the sale brought in more than the judgment and costs, and ask the court for any amount owed to you.
- Call New Mexico Legal Aid at 1-833-545-4357. Read what happens after a New Mexico foreclosure sale.
State help and scam warnings
United South Broadway Corporation advises homeowners on redemption rights (New Mexico funnel file). More contacts are on the New Mexico foreclosure help page.
- Investors may offer to buy your redemption right. Get legal advice before you sign anything. The state files flag that whether redemption rights can be sold or assigned today was not settled in the sources read.
- You do not need to pay a company to claim surplus money that the court orders paid to you.
The rest of the New Mexico process
See how foreclosure works in New Mexico, the timeline, ways to stop it and free help in New Mexico, or read the national guide to this letter.
Common questions
When does my New Mexico redemption period start?
On the date the district court order confirming the special master's report is filed with the clerk (NMSA § 39-5-18).
How much does it cost to redeem a New Mexico home?
The amount paid at the sale plus 10 percent a year interest, plus taxes and prior lien payments the buyer made with 10 percent interest (NMSA § 39-5-18(A)).
Can my New Mexico redemption period be shorter than 9 months?
Yes, if your mortgage says so, but not less than 1 month (NMSA § 39-5-19, per the New Mexico state file).
Other New Mexico letters
- 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.
- 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.
- Order of Referral to the Foreclosure Settlement ProgramIn 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.
- 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.