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Assignment of Deed of Trust by Individual Mortgage Holder
Rent Abatement Clause Providing for a Landlord Remedy and Damages
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Construction Lien Notice
A mortgage is a loan taken out to finance the purchase of a property, with the property itself serving as collateral.
To apply for a mortgage in New Mexico, you need to approach a lender or a mortgage broker, provide necessary documentation, such as proof of income and credit history, and complete a loan application.
In New Mexico, you can find various types of mortgages, including fixed-rate mortgages, adjustable-rate mortgages (ARMs), government-insured mortgages like FHA loans, VA loans, and USDA loans.
Your credit score plays a crucial role in determining your mortgage eligibility. Lenders assess your creditworthiness based on your credit history and score. Higher credit scores generally lead to more favorable loan terms and lower interest rates.
Several factors influence mortgage interest rates, such as the state of the economy, inflation, credit score, loan term, loan amount, down payment, and the type of mortgage you choose.
Pre-qualification is an initial assessment of your financial situation to estimate how much you could potentially borrow, while pre-approval is a more formal process where a lender verifies your financial information, creditworthiness, and approves a specific loan amount.
Closing costs are fees associated with the mortgage loan transaction, such as appraisal fees, title insurance, attorney fees, loan origination fees, and prepaid expenses like property taxes and homeowners insurance.
A down payment is an upfront payment you make towards the purchase price of the property. The amount required as a down payment can vary but is often a percentage of the property's value, typically ranging from 3% to 20%.
Yes, you can refinance your mortgage in New Mexico. Refinancing involves replacing your current mortgage with a new one, usually to obtain better loan terms, lower interest rates, or access to your home's equity.
If you miss your mortgage payments, you could face penalties, late fees, a negative impact on your credit score, and eventually foreclosure, where the lender repossesses your property.
Assignments Generally:
Lenders, or holders of mortgages or deeds of trust, often assign mortgages or deeds of trust to other lenders, or third parties. When this is done the assignee (person who received the assignment) steps into the place of the original lender or assignor. To effectuate an assignment, the general rule is that the assignment must be in proper written format and recorded to provide notice of the assignment.
Satisfactions Generally:
Once a mortgage or deed of trust is paid, the holder of the mortgage is required to satisfy the mortgage or deed of trust of record to show that the mortgage or deed of trust is no longer a lien on the property. The general rule is that the satisfaction must be in proper written format and recorded to provide notice of the satisfaction. If the lender fails to record a satisfaction within set time limits, the lender may be responsible for damages set by statute for failure to timely cancel the lien. Depending on your state, a satisfaction may be called a Satisfaction, Cancellation, or Reconveyance. Some states still recognize marginal satisfaction but this is slowly being phased out. A marginal satisfaction is where the holder of the mortgage physically goes to the recording office and enters a satisfaction on the face of the the recorded mortgage, which is attested by the clerk.
New Mexico Law
Assignment:
If an assignment of mortgage appears upon the proper record of such county clerk, then payment may be made to the last assignee whose assignment is so recorded, and such [full] payment shall be effectual to extinguish all claims against such mortgagor.
Demand to Satisfy:
None required.
Recording Satisfaction:
It is the duty of the mortgagee, trustee or the assignee of the debt or evidence of debt, as the case may be, to cause the full satisfaction of it to be entered of record in the office of the county clerk of the county where the mortgage or deed of trust is recorded.
Penalty:
Failure to satisfy the recording requirements results in a fine of between $10 and $25, and liability for other recoverable costs.
Acknowledgment:
An assignment or satisfaction must contain a proper New Mexico acknowledgment, or other acknowledgment approved by Statute.
New Mexico Statutes
48-7-2. [Assignments of mortgages; recording; person entitled to payment; effect of failure to record; assignee's action against assignor.]
In cases where assignments of real estate mortgages are made subsequent to the date this act takes effect, and such assignments are not recorded in the office of the county clerk of the proper county, the mortgagor, his heirs, personal representatives or assigns may pay the principal debt secured by such mortgage or accrued interest thereon, prior to the recording of such assignment, to the mortgagee; but if an assignment of such mortgage appears upon the proper record of such county clerk, then such payment may be made to the last assignee whose assignment is so recorded, and such payment shall be effectual to extinguish all claims against such mortgagor, his heirs, personal representatives or assigns, for or on account of such interest or such principal indebtedness. No transfer of any note, bond or other evidence of indebtedness, by endorsement or otherwise, where such indebtedness is secured by mortgage on real estate within this state, shall prevent or operate to defeat the defense of payment of such interest or principal by the mortgagor, his heirs, personal representatives or assigns, where such payment has been made to the mortgagee whose mortgage is duly recorded or to the assignee whose assignment appears last of record in accordance with the provisions of this act [48-7-2, 48-7-3 NMSA 1978]; provided, however, that the assignee who may hold an unrecorded assignment of a real estate mortgage which is immediately subsequent to such recorded mortgage or to the last recorded assignment shall have a right of action against his assignor to recover the amount of any such payment of interest or principal made to such assignor, as upon an account for money had and received for the use of such assignee.
48-7-4. Release on record upon satisfaction of mortgage.
A. When any debt or evidence of debt secured by a mortgage
or deed of trust upon any real estate in the state has been fully satisfied,
it is the duty of the mortgagee, trustee or the assignee of the debt
or evidence of debt, as the case may be, to cause the full satisfaction
of it to be entered of record in the office of the county clerk of the
county where the mortgage or deed of trust is recorded.
B. The debt or evidence of debt secured by a mortgage or deed
of trust shall not have been fully satisfied for purposes of Subsection
A of this section, even if all sums due thereunder have been paid in full,
if the written agreement between the mortgagor or trustor and the mortgagee
or beneficiary provides for the securing of a series of loans or a line
of credit by a mortgage or deed of trust and the notation "Line of credit
mortgage" is prominently placed on the mortgage or deed of trust that is
filed with the county clerk in the county or counties in which the property
is located.
C. If, at any time the obligation secured by the mortgage
or deed of trust described in Subsection B of this section is fulfilled,
and the balance is zero, the mortgagee or beneficiary shall cause
the mortgage or deed of trust to be released of record upon written demand
of the mortgagor, trustor or the successor or assignee thereof.
In the event of the death or incompetence of the mortgagor or trustor,
the heirs, personal representative, conservator or guardian of the mortgagor
or trustor as appropriate may make the demand for release described in
this subsection.
48-7-5. [Failure to release; penalty; civil liability.]
Any person who shall be guilty of violating the preceding section [48-7-4 NMSA 1978], upon conviction before any justice of the peace [magistrate] or district court having jurisdiction of the same shall be punished by a fine of not less than ten [($10.00)] nor more than twenty-five dollars [($25.00)], and shall be liable in a civil action to the owner of such real estate for all costs of clearing the title to said property including a reasonable attorney's fee.
Assignments Generally:
Lenders, or holders of mortgages or deeds of trust, often assign mortgages or deeds of trust to other lenders, or third parties. When this is done the assignee (person who received the assignment) steps into the place of the original lender or assignor. To effectuate an assignment, the general rule is that the assignment must be in proper written format and recorded to provide notice of the assignment.
Satisfactions Generally:
Once a mortgage or deed of trust is paid, the holder of the mortgage is required to satisfy the mortgage or deed of trust of record to show that the mortgage or deed of trust is no longer a lien on the property. The general rule is that the satisfaction must be in proper written format and recorded to provide notice of the satisfaction. If the lender fails to record a satisfaction within set time limits, the lender may be responsible for damages set by statute for failure to timely cancel the lien. Depending on your state, a satisfaction may be called a Satisfaction, Cancellation, or Reconveyance. Some states still recognize marginal satisfaction but this is slowly being phased out. A marginal satisfaction is where the holder of the mortgage physically goes to the recording office and enters a satisfaction on the face of the the recorded mortgage, which is attested by the clerk.
New Mexico Law
Assignment:
If an assignment of mortgage appears upon the proper record of such county clerk, then payment may be made to the last assignee whose assignment is so recorded, and such [full] payment shall be effectual to extinguish all claims against such mortgagor.
Demand to Satisfy:
None required.
Recording Satisfaction:
It is the duty of the mortgagee, trustee or the assignee of the debt or evidence of debt, as the case may be, to cause the full satisfaction of it to be entered of record in the office of the county clerk of the county where the mortgage or deed of trust is recorded.
Penalty:
Failure to satisfy the recording requirements results in a fine of between $10 and $25, and liability for other recoverable costs.
Acknowledgment:
An assignment or satisfaction must contain a proper New Mexico acknowledgment, or other acknowledgment approved by Statute.
New Mexico Statutes
48-7-2. [Assignments of mortgages; recording; person entitled to payment; effect of failure to record; assignee's action against assignor.]
In cases where assignments of real estate mortgages are made subsequent to the date this act takes effect, and such assignments are not recorded in the office of the county clerk of the proper county, the mortgagor, his heirs, personal representatives or assigns may pay the principal debt secured by such mortgage or accrued interest thereon, prior to the recording of such assignment, to the mortgagee; but if an assignment of such mortgage appears upon the proper record of such county clerk, then such payment may be made to the last assignee whose assignment is so recorded, and such payment shall be effectual to extinguish all claims against such mortgagor, his heirs, personal representatives or assigns, for or on account of such interest or such principal indebtedness. No transfer of any note, bond or other evidence of indebtedness, by endorsement or otherwise, where such indebtedness is secured by mortgage on real estate within this state, shall prevent or operate to defeat the defense of payment of such interest or principal by the mortgagor, his heirs, personal representatives or assigns, where such payment has been made to the mortgagee whose mortgage is duly recorded or to the assignee whose assignment appears last of record in accordance with the provisions of this act [48-7-2, 48-7-3 NMSA 1978]; provided, however, that the assignee who may hold an unrecorded assignment of a real estate mortgage which is immediately subsequent to such recorded mortgage or to the last recorded assignment shall have a right of action against his assignor to recover the amount of any such payment of interest or principal made to such assignor, as upon an account for money had and received for the use of such assignee.
48-7-4. Release on record upon satisfaction of mortgage.
A. When any debt or evidence of debt secured by a mortgage
or deed of trust upon any real estate in the state has been fully satisfied,
it is the duty of the mortgagee, trustee or the assignee of the debt
or evidence of debt, as the case may be, to cause the full satisfaction
of it to be entered of record in the office of the county clerk of the
county where the mortgage or deed of trust is recorded.
B. The debt or evidence of debt secured by a mortgage or deed
of trust shall not have been fully satisfied for purposes of Subsection
A of this section, even if all sums due thereunder have been paid in full,
if the written agreement between the mortgagor or trustor and the mortgagee
or beneficiary provides for the securing of a series of loans or a line
of credit by a mortgage or deed of trust and the notation "Line of credit
mortgage" is prominently placed on the mortgage or deed of trust that is
filed with the county clerk in the county or counties in which the property
is located.
C. If, at any time the obligation secured by the mortgage
or deed of trust described in Subsection B of this section is fulfilled,
and the balance is zero, the mortgagee or beneficiary shall cause
the mortgage or deed of trust to be released of record upon written demand
of the mortgagor, trustor or the successor or assignee thereof.
In the event of the death or incompetence of the mortgagor or trustor,
the heirs, personal representative, conservator or guardian of the mortgagor
or trustor as appropriate may make the demand for release described in
this subsection.
48-7-5. [Failure to release; penalty; civil liability.]
Any person who shall be guilty of violating the preceding section [48-7-4 NMSA 1978], upon conviction before any justice of the peace [magistrate] or district court having jurisdiction of the same shall be punished by a fine of not less than ten [($10.00)] nor more than twenty-five dollars [($25.00)], and shall be liable in a civil action to the owner of such real estate for all costs of clearing the title to said property including a reasonable attorney's fee.