The state court system of New Mexico has set up a foreclosure mediation program as part of its Alternative Dispute Resolution Program. The First Judicial District Court in Santa Fe, New Mexico, created this option for homeowners throughout the state.
This is the only foreclosure mediation program available in the state. If a lender decides to foreclose on a property, they must provide the homeowners with a notice that includes information on how to get mortgage help and access foreclosure prevention resources. The New Mexico mediation program is an option for homeowners.
The mediation program is available to anyone who owns a home or is a lender or bank. If anyone involved in the process wants to try to work things out through mediation, they can request a referral to foreclosure mediation. The mediation service will be provided by a neutral third party who will try to find a solution that works for everyone.
This means that you have 60 days to go to a mediation session after you get a foreclosure notice. The law requires all parties involved in the mediation process to share extensive information with each other before the mediation session. This means that the process should go smoothly and that everyone involved should have all the information they need. Both sides will be more likely to find a middle ground that they are both happy with if they each have a clear understanding of what the other wants.
Apply for New Mexico foreclosure mediation
The bank or lender is required to have a representative present at the mediation session who has the authority to settle the matter. This representative can attend the session in person or over the phone. The defendant will have to talk to a HUD-approved mortgage counselor before the session to get advice and counseling. The lawyers who attend the session will be familiar with foreclosures and have received training on the mediation process. The mediator will be paid $500 for a four-hour session. Both the lender and the homeowner will need to contribute equally to the cost. However, anyone who can’t afford to pay the fee may request mediation from the state of New Mexico. You can find information about the mediation program on the Court’s website.