Finance
In New Mexico, the concept of 'redeeming' a property before a foreclosure sale is called:
ADeficiency judgment
BEquitable right of redemption (exercised before sale) or statutory right of redemption (after sale)✓ Correct
CLis pendens
DDeed in lieu
Explanation
The equitable right of redemption allows a borrower to cure default and stop foreclosure before the sale. Some states also allow a statutory right of redemption after the sale (New Mexico's post-sale redemption rights are limited for deed of trust foreclosures).
Related New Mexico Finance Questions
- Which government agency insures FHA loans?
- In New Mexico, the 'Good Faith Estimate' (GFE) has been replaced under TRID by which disclosure?
- In New Mexico, a deed of trust has three parties. Who are they?
- In New Mexico, a 'hard money loan' is typically characterized by:
- In New Mexico, 'redlining' in mortgage lending refers to the illegal practice of:
- The 'three-day waiting period' under TRID (Know Before You Owe) rules means that after receiving the Closing Disclosure, the buyer must wait:
- In New Mexico, 'mortgage insurance premium' (MIP) on FHA loans differs from PMI in that:
- A buyer in New Mexico takes out a mortgage loan. The document that pledges the property as collateral for the loan is called:
Practice More New Mexico Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New Mexico Quiz →