Can i stay in my home during the redemption period?
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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 12 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.
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