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Foreclosure Property Search

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Foreclosure

For some, it is a word that conveys the fear and dread of financial ruin, while for others it infers a positive economic opportunity. Regardless of the perspective, it is possibly the most misunderstood aspect of any real estate market.

Buying Foreclosures

Buying directly from the bank is preferred by many because it is a more methodical, predictable and non-emotional process than buying from the distressed seller.

Not all REOs are good deals. Many banks want market value in order to recoup as much of their losses as possible. Others are more concerned with liquidating their REO inventory as these non-performing assets have a negative impact on their books. We have relationships with  asset managers and REO officers, so knowing which lenders are motivated sellers and which properties represent a bargain is where we come in.

Facing Foreclosure

If you are an owner of New Mexico real estate that would like to know what options you may have in avoiding foreclosure or walking away from the mortgage, fill out the contact form on the right or contact us at 505-298-9999 to schedule a confidential consultation.

The foreclosure process begins when the lender files a Notice of Default, or NOD, with the County Recorder once a borrower defaults on their loan.  The process ends when:

*Within the grace period determined by state law (pre-foreclosure), the borrower pays the default amount and reinstates the loan.

*The property is sold during the pre-foreclosure time period, allowing the borrower to pay off the loan. A situation where the loan is greater than the sale amount, but the lender agrees to a loan pay off that is less than what is owed is referred to as a short sale, or short pay.

*At the end of the pre-foreclosure period, a trustee sale occurs and the property is sold at a public auction to a third party.

*The lender takes ownership of the property through an agreement with the borrower during the pre-foreclosure time period, or buys the property at the trustee sale. The bank-owned property is referred to as real estate owned, or REO.

Foreclosure Properties

2701 S Camino Plata Ne Loop, Rio Rancho image
2701 S Camino Plata Ne Loop, Rio Rancho $448,000

Stunning ranch home in a new community. This property is one that you don't want to miss! If you're looking for the peace and tranquility of the outskirts and still be m...

  • 3 Beds
  • 2 Baths
4413 Ponderosa Ne Avenue, Albuquerque image
4413 Ponderosa Ne Avenue, Albuquerque $249,900

This 3 bedroom, 2 bathroom home is located in the Carlisle Del Cero neighborhood and is minutes from shopping and dining. New hot water heater. Create your own backyard o...

  • 3 Beds
  • 2 Baths
120 N Indio  Avenue, Portales image
120 N Indio Avenue, Portales $60,000

DIAMOND IN THE RUFF!! *Sold AS-IS* CASH ONLY offers please. Single Family 1 story home features 3 Bedrooms, 1 Baths, 1,181 square feet with a Large backyard and ample Sto...

  • 3 Beds
  • 1 Baths
8827 Thor Sw Road, Albuquerque image
8827 Thor Sw Road, Albuquerque $174,900

MULTIPLE OFFERS RECEIVED. Submit Highest and Best offer terms by 5:00 pm MST March 30,2023. Open floor plan, vaulted ceilings, plenty of kitchen counter and cabinet space...

  • 3 Beds
  • 2 Baths
8038 Princess Jeane Ne Avenue, Albuquerque image
8038 Princess Jeane Ne Avenue, Albuquerque $243,000

3 bedroom 1.75bath home in convenient NE heights uptown location. Home features brick floors, tongue and groove ceilings and a kiva fireplace in the den.

  • 3 Beds
  • 2 Baths

Some of the information contained herein has been provided by SWMLS, Inc. This information is from sources deemed reliable but not guaranteed by SWMLS, Inc. The information is for consumers’ personal, non-commerical use and may not be used for any purpose other than identifying properties which consumers may be interested in purchasing.

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REMAX ALLIANCE REALTORS
9577 Osuna Rd. NE, Ste. B,
Albuquerque, NM 87111
505-298-9999

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