This continues the series of guest posts by foreclosure defense attorney N. Ana Garner. The earlier posts in the series are here, and here.
UNDERSTANDING THE FORECLOSURE PROCESS IN NEW MEXICO
By N. Ana Garner, Esq.
The most important event to avoid is a deficiency judgment. A deficiency judgment is the difference in the amount the bank bids on the home at the foreclosure sale, and the amount of the mortgage balance with accrued interest, fees and costs. This amount can be substantial, and subject you to personal liability for that amount, leaving you facing bankruptcy as the only way out.) Avoiding a deficiency without bankruptcy can be accomplished a number of ways, including loan modification, short sale, giving the bank the deed before foreclosure sale, or “cash for keys”. Some second mortgage holders will negotiate down their interests, substantially. Some banks will allow families to continue living in the home on a “lease-back” after getting the deed, at reasonable rents.
So many foreclosure suits are being filed, that you may have years from the time suit was filed to when the Court orders a sale, particularly if you have a knowledgeable attorney helping you from the beginning. Educate yourself about your rights, and go into foreclosure with a sense of confidence and peace. Losing your home is a tragedy for all the members of the family, and not to be taken lightly. You do have options which can make the situation more controllable in terms of timing, allowing you and your family time to plan for the smoothest transition possible, and possibly even a more favorable outcome.
Ana Garner, Attorney at Law, represents only homeowners in the Santa Fe and Albuquerque areas. She has 30 years of litigation experience in N.M. courts. Her mission is to protect the integrity of the judicial process in foreclosure actions and expose the fraud being perpetrated on the courts and citizens. Her contact information is garnerlaw@yahoo.com; telephone 505 474-5300. She will review foreclosure lawsuit documents at no charge if they are scanned and e-mailed to her with the subject line, Free Review of Foreclosure docs.
Ms. Garner’s series continues here tomorrow.
