Mortgage Foreclosure Issues
by: Law Access New Mexico
MORTGAGE FORECLOSURE ISSUES
(Versíon en Español atras)
If I fall behind on my mortgage payments, can I lose my property?
Yes, but the mortgage company has to follow specific procedures before it can take the property from you. The mortgage document you signed usually sets forth the procedure that the mortgage company must follow. Most mortgages usually say that if you haven't made your payment within a certain amount of time (usually 30 days), the mortgage company has a right to take you to court.
The mortgage company may file with the district court a Complaint for Foreclosure. The mortgage company must make sure you receive a copy of the Complaint for Foreclosure.
Then you have 30 days from the date you are served the Complaint to file an Answer (or response) with the district court. The Answer is your chance to explain your side of what has or hasn't happened. It is very important that you file an Answer within 30 days, or else the district court will give the mortgage company everything it asked for in the Complaint. This is called a Default Judgment. Filing an Answer will also slow the entire process down which could give you time to come up with the money you owe. At court, the mortgage company will ask the district court either: (1) to order you to pay the full amount of the mortgage (not just the amount you are behind); or (2) to allow it to sell the property.
If you do not file an Answer, or if you lose at trial, the court will select a person called a Special Master to sell the property to the highest bidder. NOTE: If the highest bid is not enough to pay the mortgage company the full amount you owe, the mortgage company may ask the judge for an order allowing it to collect the difference from you.
At any time before the property is sold to the highest bidder, you have the right to pay off the mortgage company the amount you owe and get the property back. Once the property has been sold, you have at least 30 days to pay off the mortgage, plus the mortgage company's attorney's fees and other court costs and get your property back.
If I fall behind on my mortgage payments, is there anything I can do to avoid losing my property?
The most important thing you can do is to call your mortgage company and explain your situation. Many mortgage companies are willing to work with you to help you not lose your property, especially if you have a good payment history and your financial situation is only temporary. It is much cheaper for the mortgage company to accept smaller payments for a few months than it is for it to file a lawsuit and take your property.
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ASUNTOS RELACIONADOS A LA EJECUCIÓN DE UNA HIPOTECA O UN JUICIO HIPOTECARIO
¿Puedo perder mi propiedad si me atraso con los pagos de mi hipoteca?
Si, pero la compañía o el banco que le extendió el crédito inmobiliario tiene que seguir un determinado proceso antes de poder quitarle su propiedad. Los documentos o contrato hipotecario que usted firmó generalmente explican dicho proceso. La mayoría de las hipotecas establecen que si después de un cierto tiempo usted aún no ha pagado su hipoteca (normalmente 30 días) la compañía tiene el derecho de meterle un juicio hipotecario.
Si esto sucede, la compañía le pedirá a la corte del distrito que le obligue a usted a pagar el importe total de la hipoteca (no solamente la cantidad de pago atrasado) o que le permita a la compañía vender la propiedad. (La compañía o banco de crédito inmobiliario deberá asegurarse que usted reciba una copia de la Demanda Para un Juicio Hipotecario.)
Desde que reciba la copia de la Demanda Para un Juicio Hipotecario, tiene 30 días para registrar su Respuesta en la corte del distrito. Esta Respuesta es su oportunidad para explicar su perspectiva de los hechos. Es muy importante que registre su Respuesta dentro de los 30 días de plazo, o la corte del distrito le concederá a la compañía todo lo que esta haya pedido. (Esto se llama Fallo por Incumplimiento u Omisión). El registrar su Respuesta hará que el proceso proceda más lentamente, lo que a su vez le da la oportunidad de conseguirse el dinero que debe.
Si no registra su Respuesta o si pierde el juicio, la corte seleccionará a una persona, llamada Special Master para que venda la propiedad al mejor postor. NOTA: Si la oferta del mejor postor no es suficiente para saldar la deuda que se tiene con la compañía de crédito inmobiliario, esta podrá pedirle al juez que le permita cobrarle la diferencia a usted. En cualquier momento antes de que la propiedad sea vendida al mejor postor, usted tiene el derecho a saldar la hipoteca y recibir su propiedad de vuelta. Asimismo, usted podrá recuperar su propiedad 30 días después de que esta haya sido vendida, si es que salda la hipoteca, los costos del abogado de la compañía, y otros costos de la corte.
¿Si me atraso en los pagos de mi hipoteca, hay algo que pueda hacer para evitar perder mi propiedad?
La cosa más importante que usted puede hacer es llamar a su compañía de crédito inmobiliario para explicar su situación. Muchas de estas compañías prefieren negociar con usted para ayudarle a no perder su propiedad, especialmente si usted tiene un historial de pagar a tiempo, y puede demostrar que sus problemas financieros son temporales. Es mucho más barato para la compañía recibir pagos más bajos por algunos meses a meterle un juicio hipotecario para quitarle su propiedad.
Disclaimer: LANM no garantiza la exactitud o la utilidad de cualquier publicación o formulario. Si se trata de un problema o una circunstancia legal especifica debe buscarse asesoría legal individualizada. Los materiales ofrecen información general sobre sus derechos y responsabilidades. Esta información no fue diseñada para sustituir una asesoría legal específica. Law Access New México otorga permiso para la reproducción y distribución sin fines comerciales a organizaciones y a la Red de Acceso a la Justicia.
Last Reviewed On: 03/24/05
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