Foreclosure & Alternatives Law

Can a Lender Sue a Borrower for a Deficiency Judgment if the Lender is Still Owed Money After a Foreclosure Sale in New Mexico?

Yes, a lender can bring a deficiency judgment action against a borrower if money is still owed on a mortgage after a foreclosure sale. However, New Mexico statutes specifically prohibit deficiency judgments from being brought on mortgages that are secured by low income housing.