SENATE BILL 143

52nd legislature - STATE OF NEW MEXICO - first session, 2015

INTRODUCED BY

Michael Padilla

AN ACT

RELATING TO JUDGMENTS; CLARIFYING PROCEDURES FOR NOTICE OF JUDGMENT SALES; REQUIRING A JUDGMENT CREDITOR TO RECORD A RESIDENTIAL FORECLOSURE JUDGMENT; REQUIRING A JUDGMENT CREDITOR TO FILE A NOTICE OF JUDICIAL SALE IN COURT AND MAIL NOTICE OF JUDICIAL SALE TO JUDGMENT DEBTOR.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

     SECTION 1. Section 39-5-1 NMSA 1978 (being Laws 1895, Chapter 37, Section 1, as amended) is amended to read:

     "39-5-1. JUDICIAL SALES--TIME--NOTICE.--[SEC. 6. That]           A. No lands, tenements, goods or chattels shall be sold by [virtue of any] execution or other process, [including chattel or real estate mortgages] unless [such]:

                (1) the sale [be] is at public [vendue] auction between the hours of [nine in the morning and the setting of the sun] 9:00 a.m. and 5:00 p.m. of the same day [nor unless]; and

                (2) the time and place of holding [such] the sale and a full description of the property to be sold [shall] have previously been published for four weeks preceding [said] the sale in [English or Spanish as the officer conducting said sale in his judgment may deem will give the most extensive notice] the newspaper of broadest circulation in the county in which [said] the property is [situate or if there be no newspaper printed in said county, then in the newspaper chosen as the official paper for said county, and also by posting six such notices printed or written or partly printed or written] located.

          B. Notice of the sale and a description of the property to be sold shall be posted in six of the most public places in [said] the county.

          C. Within forty-five days of the entry of a final judgment arising from a foreclosure of a home loan, the judgment creditor shall record the judgment at the office of the county clerk for the county in which the property is located.

          D. Not less than twenty-one days prior to the original and any subsequent dates of a scheduled sale of a residential property foreclosed by judicial action, the judgment creditor shall file notice of the scheduled sale in the court record of the judicial action in which the judgment arose and shall mail a copy of the notice of the scheduled sale to the judgment debtor at the judgment debtor's last known address.

          E. As used in this section:

                (1) "home loan" means a loan, including an open-end credit plan, other than a bridge loan, where the principal amount does not exceed the conforming loan size limit for a single-family dwelling as established by the federal national mortgage association and where the loan is secured by:                      (a) a mortgage or deed of trust on real estate in this state upon which there is located or there is to be located a structure: 1) that is designed principally for occupancy by one to four families; and 2) that is or will be occupied by a borrower as the borrower's principal residence; or

                     (b) a security interest on a manufactured home that is or will be occupied by a borrower as the borrower's principal residence; and

                (2) "residential property" means a principal residence containing no more than four dwelling units, at least one of which is occupied by the owner." 

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