In the absence of stipulation to the contrary, the mortgagor of real poperty [property] shall have the right of possession. History: Laws 1876, ch. 36, § 8; C.L. 1884, § 1593; C.L. 1897, § 2365; Code 1915, § 571; 1941 Comp., § 63-401; 1953 Comp., § 61-7-1; Laws 1961, ch. 96, § 11-116. ANNOTATIONS Bracketed […]
Where there is a mortgage of a single family residence securing a loan and where there are no federal regulations to the contrary, the mortgagor may require the proceeds of any insurance policy, which are payable by reason of damage to or destruction of the mortgaged property and which would otherwise be payable to the […]
History: Laws 2003, ch. 200, § 1; 2005, ch. 191, § 4; repealed by Laws 2005, ch. 191, § 4. ANNOTATIONS Repeals. — Laws 2005, ch. 191, § 4, repealed 48-7-10.1 NMSA 1978, as enacted by Laws 2003, ch. 200, § 1, relating to available funds required at closings, effective January 1, 2006. For provisions […]
ANNOTATIONS Repeals. — Laws 1983, ch. 314, § 11, repealed 48-7-11 to 48-7-14 NMSA 1978, relating to due-on-sale clauses, effective April 7, 1983. For present provisions, see 48-7-15 to 48-7-24 NMSA 1978.
A. The legislature finds that the congress of the United States by an act entitled the Garn – St. Germain Depository Institutions Act of 1982 has preempted New Mexico law restricting the enforcement of due-on-sale clauses, except as provided in Section 341(c)(1) of that act as to loans made or assumed during the period March […]
As used in this act [48-7-15 to 48-7-24 NMSA 1978]: A. “due-on-sale clause” means a provision in a contract involving a real property loan which authorizes a lender, at its option, to accelerate an indebtedness and declare due and payable sums secured by the lender’s security instrument if all or any part of the property, […]
Notwithstanding any provision of the statutory or common laws of this state to the contrary, a lender may enter into or enforce a contract containing a due-on-sale clause with respect to a real property loan, except as provided in Sections 5 and 6 [48-7-19, 48-7-20 NMSA 1978] of this act. History: Laws 1983, ch. 314, […]
Except as otherwise provided in Sections 5 and 6 [48-7-19, 48-7-20 NMSA 1978] of this act, the exercise by the lender of its option pursuant to a due-on-sale clause shall be exclusively governed by the terms of the loan contract, and all rights and remedies of the lender and the borrower shall be fixed and […]
A. In the exercise of its options under a due-on-sale clause, in a real property loan made or assumed between March 15, 1979 and October 15, 1982, a lender shall be prohibited from accelerating the indebtedness and declaring the loan due and payable and shall be limited in increasing the interest rate upon an assumption […]
History: Laws 1927, ch. 43, § 1; C.S. 1929, § 117-201; 1941 Comp., § 63-402; 1953 Comp., § 61-7-2; repealed by Laws 2009, ch. 234, § 18. ANNOTATIONS Repeals. — Laws 2009, ch. 234, § 18 repealed 48-7-2 NMSA 1978, as enacted by Laws 1927, ch. 43, § 1, relating to assignments of mortgages, recordings, […]
A lender may not exercise its option pursuant to a due-on-sale clause upon: A. the creation of a lien or other encumbrance subordinate to the lender’s security instrument which does not relate to a transfer of rights of occupancy in the property; B. the creation of a purchase money security interest for household appliances; C. […]
Any lender who feels the security interest is endangered by the transfer of a real property loan may proceed by foreclosure; provided that the lender shall, as a condition to such foreclosure, prove that the security interest in the property would be substantially impaired. History: Laws 1983, ch. 314, § 7.
In the exercise of its option under a due-on-sale clause, a lender is encouraged to permit an assumption of a real property loan at the existing contract rate or at a rate which is at or below the average between the contract and market rates, and nothing in this act [48-7-15 to 48-7-24 NMSA 1978] […]
The provisions of Section 5 [48-7-19 NMSA 1978] of this act shall not apply to the transfer of a real property loan where the funds for the real property loans were provided through the issuance by a governmental entity or instrumentality of bonds the interest on which is exempt from federal income taxation and the […]
Attorney’s fees shall be awarded to the prevailing party in any action brought under this act [48-7-15 to 48-7-24 NMSA 1978]. History: Laws 1983, ch. 314, § 10. ANNOTATIONS Where attorney fees not authorized. — Where plaintiff brought a claim against defendant bank for failure to record the satisfaction of a mortgage pursuant to 48-7-4 […]
History: Laws 1927, ch. 43, § 2; C.S. 1929, § 117-202; 1941 Comp., § 63-403; 1953 Comp., § 61-7-3; repealed by Laws 2009, ch. 234, § 18. ANNOTATIONS Repeals. — Laws 2009, ch. 234, § 18 repealed 48-7-3 NMSA 1978, as enacted by Laws 1927, ch. 43, § 2, relating to recording of prior assignments, […]
A. When any debt or evidence of debt secured by a mortgage or deed of trust upon any real estate in the state has been fully satisfied, it is the duty of the mortgagee, trustee or the assignee of the debt or evidence of debt, as the case may be, to cause the full satisfaction […]
A. If, within ninety days after full satisfaction of a debt or evidence of debt secured by a mortgage or deed of trust upon any real estate, evidence of the full satisfaction has not been recorded pursuant to the provisions of Section 48-7-4 NMSA 1978, a title insurer may prepare and record a release of […]
Any person who shall be guilty of violating the preceding section [48-7-4 NMSA 1978], upon conviction before any justice of the peace [magistrate] or district court having jurisdiction of the same shall be punished by a fine of not less than ten [($10.00)] nor more than twenty-five dollars [($25.00)], and shall be liable in a […]
When the mortgagee of any land or tenements shall die leaving minor heirs, the executors or administrators of such mortgagee shall be and are hereby authorized, on receiving the amount due the estate of such deceased mortgage [mortgagee], to release to the mortgagor the legal title of the said mortgaged premises, and such deed of […]
