Some states provide a non-judicial route to the foreclosure of residential homes. The State of New Mexico has this option, but it is rarely used. Generally, in judicial foreclosure, a court decrees the amount of the borrower’s debt and gives him or her a short time to pay. If the borrower fails to pay within that time, a notice of sale is then published.
The notice of sale has to include the legal description of the property and state the place, the time and the date, which must be no less than thirty one (31) days after the judgement is issued, on which the foreclosure sale is to be held. The property will then be sold to the highest bidder on the date specified in the notice.
But the borrower may have another opportunity to get his or her home back. In most cases, the borrower has at least one (1) month and can have up to nine (9) months to redeem the property by paying the amount of the highest bid at the foreclosure sale, plus costs and interest. In that event, the borrower will have incurred a likely loss, at least in the short-term, as payment of the highest bidder will be much more costly, in most instances, than staying current on the mortgage prior to the foreclosure. (Not to mention the anxiety associated with losing your home and the inconvenience of possibly having to relocate.) This underscores the incentive to prevent the process from getting that far. Engaging a foreclosure attorney prior to the judicial foreclosure to negotiate with the mortgage holder can often be much less costly and stressful.
If you are facing foreclosure of your home, you may need legal advice on how to face the perilous process and/or seek to negotiate an alternative outcome. Contact Giddens & Gatton Law, P.C. at (505) 633-6298 to set up an appointment or visit the firm’s website at giddenslaw.com. Giddens & Gatton Law, P.C. is located at 10400 Academy Road N.E., Suite 350 in Albuquerque, New Mexico.