Can i stay in my home during the redemption period?

Get Legal Help Today

 Secured with SHA-256 Encryption

Can i stay in my home during the redemption period?

I was informed today that my loan modification is denied and my house will be sold tomorrow. Do I have a 9 month redemption period and can I stay in my home during this time?

Asked on May 15, 2012 under Real Estate Law, New Mexico

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

New Mexico has statutory guidelines and time lines for foreclosure so for the house to be sold "tomorrow" it has to have been in the process for some time, correct?  And although it is indeed 9 months for the state redemption period it could be altered by contract to as little as a month (look at your mortgage agreement).  The new owner will have to evict you if you d not leave.  I would make some deal fast if I were you and have a lawyer check the whole situation.  Good luck.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption