SENATE MEMORIAL 100

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

INTRODUCED BY

Michael S. Sanchez

A MEMORIAL

REQUESTING THE APPROPRIATE INTERIM LEGISLATIVE COMMITTEE TO STUDY ISSUES RELATED TO RESIDENTIAL MORTGAGE FORECLOSURE PROCEDURES IN NEW MEXICO.

     WHEREAS, it is the public policy of New Mexico that homeowners should be given reasonable notice of the fact of and basis for an alleged default on their mortgage and the opportunity to pay their home mortgages if they are deficient; and

     WHEREAS, lenders will be benefited when residential mortgage debtors cure their defaults and return defaulted residential mortgage loans to performing status; and

     WHEREAS, homeowners and lenders will be benefited when homeowners can participate in loss mitigation, loan modification or other alternatives prior to a mortgage foreclosure and loss of a home; and

     WHEREAS, it is the public policy of the state of New Mexico to ensure that alternative dispute resolution procedures be available to homeowners facing mortgage foreclosure proceedings; and

     WHEREAS, it is the public policy of the state of New Mexico to promote the strength of the housing market, protect home ownership and provide for fair and reasonable procedures prior to the institution of mortgage foreclosure proceedings;

     NOW, THEREFORE, BE IT RESOLVED BY THE SENATE OF THE STATE OF NEW MEXICO that the appropriate interim legislative committee be requested to study issues related to residential mortgage foreclosure procedures in New Mexico; and

     BE IT FURTHER RESOLVED that the appropriate interim legislative committee be requested to consider and endorse legislation that provides protection to homeowners involved in mortgage foreclosure proceedings; and

     BE IT FURTHER RESOLVED that copies of this memorial be transmitted to the co-chairs of the New Mexico legislative council.

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