Legal Question in Real Estate Law in New Mexico
Forclosure
I received a summons from the Second Judicial District Court of the State of New Mexico advising that a default judgement will be entered on a rental property I own. The summons stated that if I did not respond within 30 days, foreclosure would begin. Without getting into too much detail, I had no idea the mortgage was not being paid. That being said, I do not want the propperty and want to give it back to the mortgage company. Should I do anything? What are the ramifications? Thanks
2 Answers from Attorneys
Re: Forclosure
i think you should try to negotiate with the mortgage company. you maybe able to have a sale of the property to recover some of your equity while satisfying the balance of the mortgage. if that is not possible, then you may want to have the bank seize the property without receiving a judgment by negotiating an agreement, because if the property sells for less then the judgment, then you may still be liable for that amount, and ruin your credit score. please contact me if you have any questions. free consultation.
Re: Forclosure
If you do not respond to the Court with your Reply to the Complaint, a default will be entered against you for the requests in the Complaint. Call the lawyer for the mortgage company and see if you can negotiate a Consent Decree to deliver the property to the mortgage company, and/or a deed in lieu of foreclosure. The critical thing is to make sure that the property is either sold or taken in the full amount of the mortgage plus attorney's fees and court costs so you don't owe a deficiency. If the property is of any value you should contact a NM lawyer to guide you through this.
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