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Negotiate With Your Lender. If you are having financial difficulties, the worst thing that you can do is bury your head in the sand. Request a Forbearance. Modify Your Loan. Make a Claim. Get a Housing Counselor. Declare Bankruptcy. Use A Foreclosure Defense Strategy. Make Them Produce The Not.
To contest a judicial foreclosure, you have to file a written answer to the complaint (the lawsuit). You'll need to present your defenses and explain the reasons why the lender shouldn't be able to foreclose. You might need to defend yourself against a motion for summary judgment and at trial.
What Is the Foreclosure Process in New Mexico? If you default on your mortgage payments for your home in New Mexico, the foreclosure will most likely be judicial. (A nonjudicial foreclosure is allowed in New Mexico if the loan contract is a deed of trust.
No, you can't force them to foreclose. If you can do a deed in lieu or short sale, just have an accountant/lawyer review the documents to be sure you can avoid any personal liability for a remainder or a tax liability.
Will I Get Money Back After a Foreclosure Sale? If a foreclosure sale results in excess proceeds, the lender doesn't get to keep that money. The lender is entitled to an amount that's sufficient to pay off the outstanding balance of the loan plus the costs associated with the foreclosure and salebut no more.