Wherever you live once in a while everybody might deal with lean payment difficulties. Nowadays this situation is very common because of the variable economy and several financial changes.
In New Mexico there are several rules which you have to obey if you get into such kind of situation. Everybody`s purpose is to stop this procedure because almost nobody has great benefit from it. They created several rules for it and also programs which can help people to find out which is the most suitable solution for them. In New Mexico there are two types of Foreclosure: judicial and non-judicial. We can speak about non-judicial foreclosure when a commercial or business property is available, mostly worth more then 500.000$.
The most common is the Judicial Foreclosure when the court analyzes the amount of money which has to be paid by the borrower. After that they agree upon a period of time when the borrower has the possibility to arrange his financial situation and pay back the loan. If this will not happen, the court decision is to sell the property. They decide the exact day and time and also value the property. It has to be mentioned that the court purpose is not to take away somebody`s property. Their purpose is to obey to the law and make order. If not everything will go crazy.
If they take the property away after a while they give the opportunity to the borrower to get it back. The condition is that he has to pay back his entire loan and arrange his financial situation. The time which is disposal for this procedure is nine month. A lot of people have tried it after their property was taken away. There were several cases when they cannot take it back, but mostly everybody can have it back.
Everybody`s purpose is to stop foreclosure attorney. It is a bad and stressful thing, nobody really enjoys it but there are rules which you have to obey. The lawyers` advice is to stay calm and as soon as possible speak about your financial problem. You can go to a lawyer, to a financial adviser or to an organization who have practice in it. They can help but you have to contact them in time.
Communication is very important in this kind of situations and the lenders are very kind if they get answer to their letters. Timing is very important, do not forget.