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Posted: Wed Mar 31, 2010 5:15 pm Post subject: deed in lieu of foreclosure

I own a property in New Mexico which I am currently in the process for a deed in lieu of foreclosure. I am trying to find out the laws in New Mexico, if I will be responsible for any deficiency between what is owed and what the investor pays for the property. Any suggestions on where to go to get information on the state laws? Also, I'm wondering what my responsibility for the county property taxes are.

jenkin7 · Posted: Wed Mar 31, 2010 11:57 pm Post subject:

Hi Guest,

As far as I know, deficiency judgments are allowed in the state of New Mexico. The lender can come after you to recover the deficiency if the sale price of the property at the auction does not cover the balance on the mortgage. However, in deed in lieu of foreclosure, lenders generally forgive the deficiency.

You should talk to the lender regarding the deficiency. If they decide to not come after you for the remaining balance on the loan since you are doing deed in lieu, get it in writing from them. As far as the property taxes are concerned, you are responsible for them till the time you are legal owner of the property. Once you sign over the property to the lender, you will no more have legal ownership to the house.

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