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Roger, Lawyer
Category: Real Estate Law
Satisfied Customers: 31788
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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I am thinking about letting my house go into foreclosure.

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I am thinking about letting my house go into foreclosure. We have tenants who live there now and their contract is valid until October. Can I collect rent from them and keep it until the bank forecloses on the property?

Hi - my name is XXXXX XXXXX I'm a Real Estate litigation attorney here to assist you.


Yes, you're entitled to collect rent until the foreclosure occurs - you own the property until that time.


Once the foreclosure occurs, you're not entitled to any rent. However, under the Tenant's At Foreclosure Act, your tenant has a right to stay until the lease is up.

Customer: replied 6 years ago.
How long does a typical forecloser take?
It usually takes 4-6 months to foreclose. Here's a link that outlines foreclosure law in New Mexico:
Customer: replied 6 years ago.

Once the forecloser is complete can either of the banks come after us for any portion of the unpaid mortgages?

Yes, the lender has the right to seek a deficiency judgment against you for the balance after the foreclosure occurs. The only exception is that low-income housing - the lender cannot seek a deficiency for this type of housing.
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