District Court implements program to help people keep their homes if they face foreclosure in Grant, Luna and Hidalgo counties
The Sixth Judicial District, in collaboration with the Second Judicial District Court, is pleased to announce the implementation of the residential Foreclosure Settlement Program (FSP), which provides early intervention in residential, owner-occupied mortgage foreclosure cases. The program becomes effective for new cases filed at the Sixth Judicial District Court on or after October 15, 2023.
The residential Foreclosure Settlement Program provides specialized settlement facilitation services to assist the parties in a foreclosure case. The program also identifies resources, including possible federal assistance for borrowers, that in most cases allow homeowners retain their homes, or alternatively, help with facilitating an exit from a residential mortgage under terms agreeable to both the homeowner and lender.
The Second Judicial District Court started the FSP in 2016, and is working with other courts to expand the program to assist more New Mexicans.
Chief Judge Jarod Hofacket of the Sixth Judicial District Court said, “We are thankful the Second Judicial District Court has selected the southwestern part of New Mexico, and specifically the Sixth Judicial District Court, to help aid those homeowners facing foreclosure of their home, with an option to retain their home.”
Chief Judge Marie Ward of the Second Judicial District Court said, “FSP is a program that enhances public access, and provides stability to families, communities, businesses, and local governments.”
Homeowners in Grant, Hidalgo and Luna Counties who are facing formal foreclosure proceedings filed on or after October 15, 2023, should be proactive in participating in this program. Homeowners will receive a communication by mail and will need to take some initial steps to participate in FSP. Most importantly, the program is available at no cost to the homeowner. The Foreclosure Settlement Program is an amazing opportunity for citizens in the community to retain their home.