What is foreclosure by judicial sale?

Foreclosure by judicial sale is a legal process in New Mexico whereby a homeowner loses their rights to a property due to non-payment of a mortgage or other debt. This process begins when a foreclosure action is filed with the court. The lender or their lawyer must file a complaint that explains why they are entitled to possession of the property. The borrower then has a certain amount of days to respond to the complaint and raise any objections, such as if the amount owed is not accurate. If the borrower does not respond, the court will likely enter a summary judgment granting the lender possession of the property. Once the lender is granted possession, they can proceed with the foreclosure by judicial sale process. This involves setting up a sale of the property that has been foreclosed on. A notice of the sale will be published in a local newspaper and will include important information such as the time, date, and location of the sale. At the sale, the highest bidder will gain ownership of the property. Once the sale has been completed, the lender will file a request with the court requesting that the sale be approved. This sale must be approved by the court. Once this is done, the sale is final and the lender will receive the money from the sale. The funds from the sale will used to cover the outstanding debt. Any money remaining after the debt is paid will be given back to the borrower.

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What is foreclosure by judicial sale?

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