Legal Question in Real Estate Law in New Mexico

If a home is repossessed, can the mortgage company or bank come back on the homeowner for the balance of the mortgage after the home is sold at auction? In other words, can the mortgage company guaranshee wages or put a lien on any other assets other than the house and property?


Asked on 12/31/09, 8:29 pm

1 Answer from Attorneys
Charles Aspinwall Charles S. Aspinwall, J.D., LLC

Yes. If the property is sold for less than the mortgage, the mortgage signer(s) are liable for the deficiency. This assumes you have waived the homestead exemption, which many mortgages require. Consult with an attorney in your town concerning your situation. Most will provide an initial consultation at no cost. If you don't know an attorney, go to http://www.nmbar.org/.

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Answered on 1/08/10, 7:12 am


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