For many Americans, their home is the most valuable asset they have, and since it is their greatest source of wealth, their home is their biggest expense. The average person spends about 35 percent of their income on their mortgage payments.
Judicial Foreclosure in New Mexico
Most foreclosures in New Mexico are dealt with through the judicial process, through a non-judicial foreclosure is possible. The legal process allows a homeowner to challenge the bank’s decision and fight to stay in their home. Foreclosure can move faster than most people realize
For judicial foreclosure, borrowers have 30 days from the date they receive a Notice of Foreclosure to respond. A lender is not allowed to sell the home for thirty days.
Under HAMP, a federal foreclosure relief program, homeowners are allowed to apply for financial assistance and Some of the requirements to qualify for a mortgage modification:
Able to prove income
Have enough income to meet new requirements
Submit an accurate and complete application
Reinstatement of loan before sale
New Mexico borrowers are given 30 days to reinstate their loan after a lender begins the foreclosure process. Borrowers are also allowed to reinstate before the sale.
Redemption after sale
Whether you are going through judicial and nonjudicial foreclosures, under New Mexico law, you have nine months to redeem the home after a foreclosure sale. However, the terms of your mortgage or deed of trust can cut the redemption period down to less than a month.
Should I Hire a Foreclosure Lawyer?
If you want to fight foreclosure, you will have greater success if you enlist a foreclosure lawyer who has completer knowledge of state laws. They will look at the facts of your case and evaluate your finances to help you decide which alternative to foreclosure, if any, will suit your needs. If foreclosure isn’t right for you and you have no choice but walk away from your home, a lawyer can try to minimize the impact a foreclosure will have on you by trying to get the amount of your debt reduced.
Fighting for your home will be difficult but a foreclosure lawyer in New Mexico can be a benefit your case by helping you make wise decisions about what you should do next. Don’t hesitate to get legal assistance. Call today and set up a consultation with one of our accomplished foreclosure lawyers. You won’t regret getting help.