New Mexico Statutes 48-7-21. Security; safeguard
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Any lender who feels the security interest is endangered by the transfer of a real property loan may proceed by foreclosure; provided that the lender shall, as a condition to such foreclosure, prove that the security interest in the property would be substantially impaired.
Terms Used In New Mexico Statutes 48-7-21
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.