Bill > HB583

This bill modifies New Mexico's laws regarding redemption rights after a foreclosure sale, primarily focusing on who can redeem property and under what conditions. The bill restricts the sale or transfer of redemption rights, specifically allowing redemption by the former property owner, their heirs, family members, relatives within three degrees of consanguinity, nonprofit housing organizations, or junior mortgagees/lienholders. The redemption process remains largely unchanged, with a nine-month window to redeem the property by paying the purchase price, interest, taxes, and other associated costs. A key change is that junior mortgagees or lienholders may now only exercise redemption rights to protect their secured financial interest and are explicitly prohibited from selling or transferring these rights to third parties. The bill maintains the priority of redemption, with the former property owner having first priority to redeem, and requires a court hearing to determine the redemption amount and priority if multiple redemption attempts are made. The definition of "date of sale" is clarified as the date the district court order confirming the special master's report is filed, and the bill explicitly states that trustee's sales under a deed of trust are not subject to these redemption provisions.

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https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=583&year=25