Right to redeem after the foreclosure sale (nine months, often shortened)
N.M. Stat. Ann. § 39-5-18
In plain words
New Mexico lets you redeem your home after a foreclosure sale by paying the buyer within nine months of the sale. Many mortgages shorten this to one month by written agreement, so check your mortgage.
Who is protected
Former owners of New Mexico property sold in foreclosure.
When it applies
- Only in New Mexico.
- Only after the foreclosure sale.
What you can do
Put the deadline on your calendar
Enter the date on your notice so Techoclaro can count the days and remind you.
Open the toolCheck your mortgage for a shorter period
Look for a clause reducing redemption to one month.
Deadline: Within nine months of the sale, or the shorter agreed period
Open the toolRead your state guide and find free help
Open the state page for the process, deadlines and legal-aid contacts in your state.
Open the tool
Honest limits
- This is general education, not legal advice. Laws change and details matter — check the current official text or talk to a legal aid lawyer or HUD-approved housing counselor.
The law
- State lawRedemption after sale
N.M. Stat. Ann. § 39-5-18
What it says: Property may be redeemed by paying the purchaser within nine months (or a shorter agreed period).
Read the official texthttps://law.justia.com/codes/new-mexico/chapter-39/article-5/section-39-5-18/
Court cases
- Homeowner lostSame topicMartins v. BAC Home Loans Servicing, L.P.
Martins v. BAC Home Loans Servicing, L.P., 722 F.3d 249 (5th Cir. 2013)
a mortgage servicer acting for a properly assigned mortgagee may foreclose in Texas without possessing the original note, and an oral promise to modify a large loan is not enforceable
- Homeowner lostSame topicMilton v. U.S. Bank National Ass'n
Milton v. U.S. Bank Nat'l Ass'n, 508 F. App'x 326 (5th Cir. 2013) (per curiam) (unpublished)
an agreement to delay a Texas foreclosure falls within the statute of frauds and must be in writing to be enforced
- Homeowner lostSame topicBFP v. Resolution Trust Corp.
BFP v. Resol. Tr. Corp., 511 U.S. 531 (1994)
the price received at a non-collusive foreclosure sale that complied with state law is reasonably equivalent value under the Bankruptcy Code
Related rights
Right to cure a home-loan default until the foreclosure sale
N.M. Stat. Ann. § 58-21A-6
Under the Home Loan Protection Act, the lender must give you a notice of your right to cure at least 30 days before suing. Even after that, you can cure the default any time before title is transferred by the foreclosure sale.
Read this rightThe government cannot keep your home equity beyond the tax debt
U.S. Const. amend. VTakings Clause
If your home is taken or sold to pay property taxes, the government may collect what you owe, but it may not keep the extra value. Keeping the surplus is a "taking" of your property without just compensation, which the Fifth Amendment forbids (Tyler v. Hennepin County, 2023). You may be able to claim the surplus, but you usually must follow your state's claim process and deadlines.
Read this rightAfter a discharge, creditors cannot collect the wiped-out debt from you
11 U.S.C. § 524(a)(2)
A bankruptcy discharge wipes out your personal liability for most debts in the case. After that, the law forbids creditors from suing, calling or otherwise trying to collect a discharged debt from you personally. A court can hold a creditor in contempt if there was no fair doubt that its conduct was barred.
Read this rightRenters get at least 90 days' notice after a foreclosure
12 U.S.C. § 5220 note(Pub. L. 111-22, div. A, § 702(a)–(b))
If you rent a home that goes through foreclosure, the new owner must give you a notice to move at least 90 days before you have to leave. If you have a real (bona fide) lease signed before the foreclosure notice, you can usually stay until the lease ends. The exception is when the new owner will live in the home; even then you still get the 90 days' notice.
Read this rightBalance of a tax sale goes to the former owner
N.M. Stat. Ann. § 7-38-71
After a New Mexico tax sale pays the taxes and costs, the balance is paid to the former owner (or someone the court designates).
Read this right