New Mexico Deed of Trust and Promissory Note

New Mexico Deed of Trust and Promissory Note Information

New Mexico has the Deed of Trust Act.
Foreclosure can be done non-judicially, saving time and expense. This process is called a Trustee Sale. After the Trustee sale the borrower has a right to redeem the property. This form allows one-month vs nine-months.
NM Statute 48-10-16(A)
Except as otherwise provided in Subsection E of this section, the redemption period after a trustee's sale shall be nine months, or the period provided in the deed of trust, whichever is the lesser period, and shall begin to run from the date of the trustee's sale. In the deed of trust, the parties may shorten the redemption period to not less than one month.

There are three parties in this Deed of Trust:
1- The Grantor (Borrower)
2- Beneficiary (Lender) and a
3- Trustee (Neutral Third Party)
Basic Concept. The Grantor (Borrower) conveys property title to a Trustee (Neutral Party). A Trustee or beneficiary can take an action against any person for damages.

Use this form for financing residential property, small commercial, rental property (up to 4 units), condominiums and planned unit developments. A Deed of Trust and Promissory Note with stringent default terms/conditions can be beneficial to the lender, mostly used by investors or parties selling and/or financing a real property.

Deeds.com New Mexico Deed of Trust and Promissory Note Forms Have Been Updated as Recently as Wednesday March 15, 2023

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