New Mexico Deed of Trust and Promissory Note
County Forms
Where is the property located?
Bernalillo CountyCatron CountyChaves CountyCibola CountyColfax CountyCurry CountyDe Baca CountyDona Ana CountyEddy CountyGrant CountyGuadalupe CountyHarding CountyHidalgo CountyLea CountyLincoln CountyLos Alamos CountyLuna CountyMckinley CountyMora CountyOtero CountyQuay CountyRio Arriba CountyRoosevelt CountySan Juan CountySan Miguel CountySandoval CountySanta Fe CountySierra CountySocorro CountyTaos CountyTorrance CountyUnion CountyValencia CountyDeed of Trust and Promissory Note for Real Estate Located in New Mexico
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.
(New Mexico DOT Package includes forms, guidelines, and completed examples)