New Mexico Servicing Reference Guide
- Kacey Olson
| Citation | Topic | Requirement |
| N.M. Stat. Ann. §48-10-15(A) | Distribution of Proceeds of Sale | A. The trustee shall apply the proceeds of the sale of the trust real estate by the trustee as follows: (1) to the costs of exercising the power of sale and of sale, including the payment of the fees of the trustee and reasonable attorneys' fees actually incurred by the trustee and the beneficiary; (2) to the payment of the contract secured by the deed of trust; (3) to the payment of all other obligations provided in or secured by the deed of trust; and (4) to the junior encumbrancers in order of their priority. After payment in full to all junior encumbrancers, payment shall be made to the trustor. |
| NM Mortgage Loan Company Act | N.M. Stat. Ann. §58-21A-4(K) | Late Payment Fees | K. No creditor shall make a home loan that provides for a late payment fee except as follows: (1) the late payment fee shall not be in excess of five percent of the amount of the payment past due; (2) the late payment fee shall only be assessed for a payment past due for fifteen days or more; (3) the late payment fee shall not be imposed more than once with respect to a single late payment, and no late payment fee shall be charged with respect to a subsequent payment that would have been a full payment but for the previous default or the imposition of the previous late payment fee; (4) no late payment fee shall be charged unless the creditor notifies the borrower within forty-five days following the date the payment was due that a late payment fee has been imposed for a particular late payment. A late payment fee that the creditor has collected shall be reimbursed if the borrower presents proof of having made a timely payment; and (5) a creditor shall treat each payment as posted on the same business day as it was received by the creditor, servicer, creditor's agent for making payments or at the address provided to the borrower by the creditor, servicer or creditor's agent for making payments. |
Late Payment Fee Notification | A late payment fee may not be charged unless the lender notifies the borrower within 45 days following the date the payment was due that a late payment fee has been imposed for a particular late payment. A late payment fee that the lender has collected must be reimbursed if the borrower presents proof of having made a timely payment. The late payment fee may not be imposed more than once with respect to a single late payment. No late payment fee may be charged with respect to a subsequent payment that would have been a full payment but for the previous default or the imposition of the previous late payment fee. A lender must treat each payment as posted on the same business day as it was received by the lender, servicer, lender's agent for making payments or at the address provided to the borrower by the lender, servicer or lender's agent for making payments. “Home loan” means a loan, including an open-end credit plan, but not including a reverse mortgage transaction or a bridge loan, where the principal amount does not exceed the conforming loan size limit for a single-family dwelling as established by Fannie Mae and where the loan is secured by: (1) a mortgage or deed of trust on real estate in New Mexico upon which a structure resides or will reside: (A) designed principally for occupancy by 1 to 4 families; and (B) that is or will be occupied by a borrower as the borrower's principal residence; or (2) a security interest on a manufactured home that is or will be occupied by a borrower as the borrower's principal residence. | |
| Home Loan Protection Act / N.M. Stat. Ann. §58-21A-6(A) | Notice of and Right to Cure Default (High-Cost Home Loan) | In connection with a loan that was a high-cost home loan at the time of origination, before an action is filed to foreclose or collect money due on the loan or before other action is taken to seize or transfer ownership of property subject to the loan, the lender or lender's assignee of the loan must deliver to the borrower a notice of the right to cure the default. |
Notice of Sale | The Notice of Sale must be published once each week for 4 consecutive weeks. The notice must be published in the English language in some newspaper of general circulation published in the county where the publication is required to be made. The last publication must be at least 3 days prior to the date fixed in the Notice of Sale. B. Not later than thirty days after recording the notice of sale, the trustee or beneficiary shall mail by certified or registered mail with postage prepaid a copy of the notice of sale with the recording date shown on the notice of sale, together with any notice required to be given by Subsection C of this section, addressed as follows: (1) to each person whose name and address are provided in a request for notice, which has been recorded before the recording of the notice of sale, directed to the address designated in the request; and (2) to each person who, at the time of recording of the notice of sale, appears by a document recorded in the real estate records of the county clerk in the county in which any part of the trust real estate is situated to have an interest in any of the trust real estate including junior encumbrancers. C. The trustee or beneficiary shall, within five business days after the recordation of the notice of sale, mail by certified or registered mail, with postage prepaid, a copy of any notice of sale showing the recording date the notice was recorded to each of the persons who were parties to the deed of trust. | |
Notice of Trustee Sale | A power of sale may not be exercised prior to the expiration of 90 days from the recording of a Notice of Sale in the office of the clerk of each county in which the trust real estate is located. The Notice of Sale must contain the street address, if any, or identifiable location as well as the legal description of the trust real estate. Failure to accurately describe within the notice either the street address or the identifiable location of the trust real estate to be sold will not be grounds for invalidating the sale if the correct legal description of the trust real estate to be sold was contained in the Notice of Sale. Not later than 30 days after recording the Notice of Sale, the trustee or beneficiary must mail by certified or registered mail with postage prepaid a copy of the Notice of Sale with the recording date shown on the Notice of Sale, together with any notice required to be addressed as follows: (1) to each person whose name and address are provided in a request for notice, which has been recorded before the recording of the notice of sale, directed to the address designated in the request; and (2) to each person who, at the time of recording of the notice of sale, appears by a document recorded in the real estate records of the county clerk in the county in which any part of the trust real estate is located to have an interest in any of the trust real estate including junior encumbrancers. | |
Satisfaction of Mortgage & Notice of Intent to Record | Within 90 days of satisfaction a satisfaction of mortgage must be recorded with the county clerk or the title insurer may prepare and record the satisfaction of mortgage. The notice of intent to record must be mailed no later than 10 days prior to the date of recording. | |
| N.M. Stat. Ann. §47-1-57 | Scrivener's Error Affidavit | A scrivener's-error affidavit may be recorded with the county clerk to correct errors in instruments affecting real property. |