We Buy Houses for Cash in New Mexico

New Mexico is a place where a homeowner may still be able to get a foreclosed house back after the auction. The redemption period is nine months unless the loan documents shorten it, and redeeming costs the sale price plus 10 percent annual interest. Foreclosures come in two tracks, through the courts or under the Deed of Trust Act, and the state's courts run a Foreclosure Settlement Program to help homeowners and lenders find agreements. On the selling side, the rules lean on the licensed broker's duties rather than a seller statute, and a rural home may sit on a domestic well with its own limits. Swifty Home Buyers makes cash offers on New Mexico homes as they are, whether that is an adobe in Santa Fe, a ranch house in Las Cruces or a place outside Albuquerque, without agent commissions or repair lists and with a closing date you pick. Below is how the New Mexico rules fit together.

We buy houses in all 50 states. This guide covers the rules that matter in New Mexico.

In the sources we reviewed we did not find a New Mexico state or county real estate transfer tax, so the closing charges that vary most for a seller are the ones set by contract and by your title company. Ask your title company for the full list of fees and any recording charges on your settlement statement before you agree to a closing date. Any commission you would owe on a listing is negotiable, and we charge none. Redemption is a New Mexico cost worth knowing about. A person redeeming after a court sale must pay the amount paid at the sale with 10 percent annual interest, plus taxes, interest and penalties, and any payments the purchaser made on prior liens with interest at the same rate (NMSA 39-5-18). That is one reason a cash sale before the auction can be cleaner for everyone. We give you a written breakdown of costs before you commit.

New Mexico lets a lender foreclose in two ways. Under the Deed of Trust Act, a deed of trust may be foreclosed at the beneficiary's option in the manner provided for mortgages, meaning in court, or by trustee's sale, and under NMSA 48-10-10 the power of sale cannot be exercised before 90 days have passed from the recording of the notice of sale. That sale is held at the front steps of the county courthouse on a day other than a Saturday, Sunday or legal holiday (48-10-11). New Mexico's redemption rights are the distinctive part. After a court foreclosure sale, NMSA 39-5-18 gives the former owner first priority to redeem within nine months from the date of sale by paying the sale amount plus interest at 10 percent a year and the taxes, interest and penalties. Under 39-5-19, the loan documents can shorten the period to not less than one month, but the district court can extend it up to nine months on a sufficient showing before judgment that redemption will be effected. After a trustee's sale the period is nine months or the period stated in the deed of trust, whichever is less (48-10-16). If the lender wants a deficiency after a trustee's sale, it must bring a separate civil action within six years, no deficiency may be sought on a residential loan made to a low-income household, and if no action is filed the sale proceeds count as full satisfaction of the debt (48-10-17). The New Mexico Courts' Foreclosure Settlement Program helps owner-occupied homeowners and lenders reach agreements, and the Second Judicial District's page notes that a majority of cases result in loan modifications; the New Mexico Courts HelpLine is (855) 268-7804. Selling before the auction pays the lender out of the price, and the equity is not lost to a bid.

• Sell as-is
• Inherited house
• Foreclosure
• Tenants or rental property

Dona Ana County and Las Cruces

The Third Judicial District Court's page says the court, in partnership with the Second Judicial District Court, has established the Foreclosure Settlement Program in Dona Ana County, and that the program has been highly successful in assisting homeowners in Bernalillo, Sandoval, Valencia, Cibola and Santa Fe counties. The Second Judicial District's program page says the program is for owner-occupied primary residences and that homeowners enter through the notice that accompanies a foreclosure complaint or by completing the homeowner information form. It lists options that include reinstatement, forbearance, loan modification, short sale, deed in lieu and cash for keys. If you are in Las Cruces or elsewhere in Dona Ana County and a foreclosure complaint has been filed, do not ignore the program notice or its deadlines, and remember that a private sale before the auction is another route to compare.