Q: Recv'd NOD from my Mortgage Co. on a 9 unit apt. complex in N.M. How much time do I have b4 the bank sells at auction?
Will I need an attorney to stop the NOD process, or can I deal with the bank directly to bring loan to current? Will my personal home be in jeapordy of sale if I backed up the investment property loan with a personal guarantee?
A: In Florida, if you receive a Notice of Default (NOD) for a property in New Mexico, the time before an auction varies, often taking several months, as New Mexico uses a judicial foreclosure process. You can directly negotiate with the bank to make the loan current; they often prefer resolving issues outside of foreclosure due to its costliness. If you personally guaranteed the investment property loan, your personal assets could be at risk if the foreclosure sale doesn't cover the debt. For personalized legal advice tailored to your unique circumstances, it's advisable to consult with an attorney.
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