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New Mexico Foreclosure & Repossession Compliance

Learn the necessary procedures and avoid liability when dealing with foreclosures and repossessions in New Mexico.

This topic will give you an updated review of the foreclosure process in the state of New Mexico. This topic discusses the necessary procedures to follow, along with the liabilities that arise when dealing with foreclosures or repossessions in New Mexico. Failing to have a clear understanding of the foreclosure and repossessions laws can result in costly delays with respect to already failing loans and will make it more difficult for professionals to adequately advise consumers regarding their rights, remedies and options. This topic will help credit and collections managers, lending professionals, business owners, managers and more understand the fundamentals of New Mexico foreclosures and repossessions.

Runtime: 55 minutes
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Secured Party's Right to Possession After Default:

  • Governed by Security Agreement
  • Notice as Provided in NMSA 1978 55-9-503
  • Reasonableness of Repossession
  • Use of Law Enforcement to Assist in Reasonable Repossession, Dalton v. Santandon Consumer U.S.A., Inc., 2015-NMCA-030, Cert. Granted, 2015- Cert-003

Secured Party Can Accept Collateral in Full or Partial Satisfaction of Obligation of Collateral

  • Creditor May Accept Collateral in Full or Partial Satisfaction of Obligation If:

- Debtor Consents or

- Secured Party Does Not Receive Within Twenty (20) Days After Notification of Proposal Disposition Is Sent to Debtor or Written Twenty (20) Days After Notification of Subordinate Security Interest

Real Property Foreclosure Procedures

  • Security Agreement
  • Financing Statement
  • Promissory Note
  • The Mortgage
  • Usury Laws
  • Identification of the Parties

Examining the Title to Ensure Free and Clear Status

  • Title Search

Title Insurance Policy

Avoiding Environmental Liability

  • Putting the Wheels of Foreclosure in Motion
  • Lis Pendens the Purpose and Effect
  • Effective Ways to Proceed With Service of Process
  • Dealing Effectively With Pleading in Order to Avoid a Lengthy Foreclosure Action
  • Foreclosure Sale Going Once, Going Twice Closing
  • Reviewing Right of Redemption
  • Period of Redemption
  • Distribution of Proceeds Upon Foreclosure Sale
  • Deficiency Judgment Where Will the Money Come From?
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

R. Thomas Dawe

Gallagher, Casados & Mann, P.C.

  • Of Counsel with Gallagher, Casados & Mann, P.C.
  • More than 40 years of experience in commercial litigation and preparation of contracts, including the representation of individuals, lenders, borrowers, contractors, and business owners
  • Experienced in all phases of commercial litigation, probate, the preparation of real estate documentation, as well as foreclosure of liens and mortgages, and tort defense
  • Co-wrote and taught seminars on subjects related to trial practice, judgment enforcement and real estate litigation
  • Achieved the highest rating with Martindale-Hubbell Law Directory
  • J.D. degree, Stetson University College of Law; B.A. degree, University of New Mexico
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 397394
Published 2016
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