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Avoiding Foreclosures in New Mexico

This information is provided for educational and informational purposes only.  New Mexico Financial & Family Law, P.C. does not enter into State Court foreclosure proceedings.  However, oftentimes bankruptcy can be an alternative way to resolve foreclosure.

Residential or Commercial Foreclosure

There are two ways talking to a lawyer can help you during your foreclosure:

  • Loan Workouts or Mortgage Modifications
  • Delaying or Settling Foreclosure

In many instances, legal action can prevent foreclosure, but be wary of any attorney who tells you they can save your house or business property without first knowing all the details of your case.

Loan Workouts/Mortgage Modification

Do you need help working out a mortgage modification? A loan workout is a restructuring of your debt that could allow you to avoid foreclosure. At New Mexico Financial and Family Law, we can help you negotiate with your lender to reach terms that will allow you to stay in your home or commercial property. Through a mortgage modification, you may be able to lower your monthly payments, interest rate, principal, and reduce or even eliminate late fees and other penalties.

Delaying or Settling Foreclosure

Unfortunately, in some cases, there is no way to stop foreclosure. However, an effective foreclosure defense may have the secondary benefit of getting you much needed time to find an alternative living arrangement or business location. There must be some reasonable basis to defend against the foreclosure action. Because the plaintiff, the bank in most cases, has the burden of proof and there are many factual and legal issues that are presented in a foreclosure case, it is usually appropriate for an attorney to defend against a foreclosure action. This can buy you time to get back on your feet, find a new location for your home or business, or collect the funds necessary to reinstate the loan or reach a settlement through an agreed court order.

Of course, no two cases are exactly alike, and these are only a few of the ways that an attorney can help you during the foreclosure process. We have decades of collective court room experience, and we will fight to ensure your rights, and your property, are protected.

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