A New Mexico Default Order Granting Relief from Stay (Real Estate) is a judicial order that allows a lender to foreclose on a borrower's property even if they are in bankruptcy. This order enables the lender to repossess the property and take action to protect their collateral. There are two types of New Mexico Default Order Granting Relief from Stay (Real Estate): residential and commercial. A residential New Mexico Default Order Granting Relief from Stay applies to a single family residence, while a commercial New Mexico Default Order Granting Relief from Stay applies to commercial properties such as office buildings, apartment buildings, retail stores, and warehouses. Both orders require the lender to prove that the borrower is in default on their loan and that they are unable to make the payments. The order will also outline the process for the lender to repossess the property and protect their collateral.
New Mexico Default Order Granting Relief from Stay (Real Estate)
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