HOUSE BILL 871

49th legislature - STATE OF NEW MEXICO - first session, 2009

INTRODUCED BY

William "Bill" R. Rehm

AN ACT

RELATING TO REAL PROPERTY; PROHIBITING DEFICIENCY JUDGMENTS IN CERTAIN MORTGAGE FORECLOSURES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

     Section 1. DEFICIENCY JUDGMENTS PROHIBITED.--There shall be no deficiency judgment entered in a foreclosure action against a debtor who occupies the real property that is the subject of the loan obligation or real estate security interest as the debtor's primary residence, provided the debtor has occupied the home as the debtor's primary residence for no fewer than one hundred twenty days prior to the initiation of the foreclosure action.

     Section 2. APPLICABILITY.--The provisions of this act shall apply to foreclosure proceedings instituted on or after July 1, 2009.

     Section 3. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2009.

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