Torrance County Mortgage Secured by Promissory Note Forms (New Mexico)

Form Package

Mortgage Secured by Promissory Note

State

New Mexico

Area

Torrance County

Price

$27.97

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Included Forms

All Torrance County specific forms and documents listed below are included in your immediate download package:

Included Supplemental Documents

The following New Mexico and Torrance County supplemental forms are included as a courtesy with your order.

Frequently Asked Questions:

Areas Covered by These Mortgage Secured by Promissory Note Forms:

• Torrance County

Including:

• Cedarvale
• Clines Corners
• Encino
• Estancia
• Mcintosh
• Moriarty
• Mountainair
• Torreon
• Willard

What is the New Mexico Mortgage Secured by Promissory Note

Use this form for financing residential property, small commercial, rental property (up to 4 units), condominiums and planned unit developments. This is a comprehensive 12-page form that has stringent default terms.

Use this form for financing residential property, small commercial, rental property (up to 4 units), condominiums and planned unit developments. This is a comprehensive 12-page form that has stringent default terms.

Promissory Note includes late charges. Any payment which is at least ____ days past due, shall be subject to a late charge of $___ And an additional $ ____per day until the payment is received. If any balloon payment is late, it shall be subject to a late fee of $____ per day.

Default Rate: I payment is/are at least 30 days past due, then the principal balance shall bear interest at default rate of (____%) over the interest rate stated. Said default rate shall begin on the ____ day following the due date of the payment(s) until payment(s) is/are brought
current. Payment(s) is/are first applied to accrued interest and penalties, then to principal.

In addition to any other remedies available to Lender if this Note is not paid in full at the Maturity Date, Borrowers shall pay to Lender an Overdue Loan Fee, which fee shall be due at the time this Note is otherwise paid in full. The "Overdue Loan Fee" shall be determined based upon the outstanding principal balance of this Note as of the Maturity Date and shall be:
(a) one percent (1.0%) Of such principal balance if the Note is paid in full on or after thirty (30) days after the Maturity Date but less than sixty (60) days after the Maturity Date, or
(b) two percent (2.0%) of such principal balance if the Note is paid in full on or after sixty (60) days after the Maturity Date.

This Note and the Loan Documents shall be governed by the State of New Mexico.

(New Mexico Mortgage Package includes forms, guidelines, and completed examples)

Our Promise

The documents you receive here will meet, or exceed, the Torrance County recording requirements for formatting. If there's an issue caused by our formatting, we'll make it right and refund your payment.

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