SENATE BILL 29

52nd legislature - STATE OF NEW MEXICO - first session, 2015

INTRODUCED BY

Michael Padilla

AN ACT

RELATING TO REAL PROPERTY; REDUCING ENFORCEMENT PERIOD OF DEFICIENCY JUDGMENTS FOLLOWING FORECLOSURE.

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

     SECTION 1. Section 39-1-6 NMSA 1978 (being Laws 1891, Chapter 67, Section 1, as amended) is amended to read:

     "39-1-6. MONEY JUDGMENT--DOCKETING--TRANSCRIPT OF JUDGMENT--LIEN ON REAL ESTATE--SUPERSEDEAS--JUDGMENT AFTER FORECLOSURE.--

          A. Any money judgment rendered in the supreme court, court of appeals, district court or metropolitan court shall be docketed by the clerk of the court and a transcript or abstract of judgment may be issued by the clerk upon request of the parties. The judgment shall be a lien on the real estate of the judgment debtor from the date of the filing of the transcript of the judgment in the office of the county clerk of the county in which the real estate is situate. Upon approval and filing of a supersedeas bond upon appeal of the cause as provided by law, the lien shall be void. Judgment shall be enforced for not more than fourteen years thereof.

          B. Any deficiency judgment arising from a foreclosure of a residential property:

                (1) shall be enforceable for not more than four years from the date of the entry of the initial judgment in the matter; and

                (2) shall not be renewable by administrative, judicial or other process.

          C. As used in this section, "residential property" means a principal residence containing no more than four dwelling units, at least one of which is occupied by the owner."

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