Homeowner Protection Program
The Office of the Attorney General’s
Keep Your Home New Mexico Program
The Office of the Attorney General recognizes that although the housing market has improved and the number of foreclosures has declined there are still many New Mexico families who struggle with making their monthly mortgage payment and it is often just a singly economic hardship such as loss in wages, divorce, illness or a death in the family that will quickly spin their finances out of control and soon that family is behind on their mortgage payments and facing the devastating possibility of losing their home.
The Attorney General wants New Mexican families to know that just because they have fallen behind on their mortgage does not mean that they need to lose their home. There are programs in place to assist homeowners get back on track and if they are truly no longer able to afford to stay in the home programs to help with a “graceful exit”.
Keep Your Home New Mexico Resources
The Office of the Attorney General has strategically partnered with some of the most effective foreclosure prevention non-profit agencies around the state to help homeowners save their homes from foreclosure by providing free:
- Housing counseling services to work with homeowners in communicating with their banks
- Legal service attorneys to advise or represent homeowners in foreclosure cases
- Toll foreclosure hotline 1-800-220-0350 to be directed to foreclosure prevention resources
- Foreclosure prevention website Keep Your Home New Mexico for information and resources
If you are facing difficulty with your mortgage payment, do not wait, contract your lender and if you are in need of help call the Keep Your Home New Mexico hotline to be connected to housing counselors and legal service attorneys who can advise and help you.
Keep Your Home New Mexico Hotline
Foreclosure Settlement Facilitation Pilot Project
The Office of the Attorney General, working in conjunction with the New Mexico Administrative Office of the Courts, has provided funding for foreclosure mediation programs in the Second and Thirteenth Judicial District Courts. These mediation programs provide the opportunity for banks and the homeowners to explore viable alternatives to foreclosure. Even when a loss of a home becomes inevitable, a process to identify loss mitigation strategies such as short sales, deeds in lieu or “cash for keys” are explored.
The National Mortgage Settlement
In 2012, the Office of the Attorney General, along with 48 other State Attorneys General, the Department of Justice and HUD brought a lawsuit against five of the nation’s largest mortgage lenders, Bank of America, Chase, Citi, GMAC/ Ally and Wells Fargo, to address egregious violations of the law in how these servicers handled foreclosure proceedings.
The result was a 25 billion dollar national settlement that requires significant changes in how these banks service mortgage loans and provides some financial relief for homeowners who already lost their home and new modification and refinance opportunities for those who are still in their home. The National Office of Mortgage Settlement Oversight, which is charged with monitoring compliance with servicing standards and the direct financial relief to homeowners, reported in August 2013 that there has been a total monetary relief for New Mexico homeowners in the amount of $103,601,548.00. This amount is credited as relief to New Mexican homeowners who received modification of their mortgage loan, principal forgiveness, forgiveness of delinquencies in short sales and other financial relief methods. For more information visit National Mortgage Settlement website.
Compliance Monitoring of Bank Foreclosure Practices
The Office of the Attorney General has created a specialized unit to monitor legal compliance by mortgage servicers to ensure that they deal with New Mexico homeowners in a fair and legal manner. The Homeownership Preservation Program actively monitors compliance with various mortgage settlements, enforces state and federal laws that impact homeowners, accepts complaints from New Mexico homeowners against mortgage banks and provides assistance to homeowners who have been the victim of foreclosure rescue scams. To date the Homeownership Preservation Program has helped secure in excess of $150 million in relief to New Mexico homeowners through consumer relief and the direct saving of homes from foreclosure.
To file a complaint against your mortgage servicers or if you have been the victim of a foreclosure rescue scam please fill out and return the Mortgage Complaint Form.