Homes and other property can be bought at up to 20 percent below market prices through the purchase of Albuquerque foreclosure properties One of the interesting aspects of New Mexico foreclosure law is that a foreclosure property must be sold for at least 80 percent of its fair market value. This makes evaluating a property even more important. Because of this law, the value of the bid must be justifiable. Additionally, this makes pre foreclosure sales in Albuquerque even more attractive than foreclosure auctions because the 80 percent rule does not apply to pre foreclosures. An individual can make private offers to the defaulting borrower and take over the property.
The foreclosure proceeding is initiated when the mortgage holder files a complaint with the court. Once the borrower is informed of the proceeding they have 30 days to respond to the court. At this point the borrower can terminate the foreclosure sale by paying off the loan and associated fees.
If this is not the case, the lender can start advertising for the sale as soon as 30 days afterwards. People can find these properties on a foreclosure list and can immediately start investigating them. Of course, there are plenty of unknowns when buying foreclosures, so it is best to try and learn as much about the property as possible in order to come up with an accurate bid.
In general, there is only a one-month redemption period on Albuquerque foreclosures. However, in some cases, the defaulting party has up to nine months to buy back his or her house for the foreclosure sale price in addition to any tax and interest incurred. However, HUD foreclosures in Albuquerque can deviate from these timeframes.
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