New Mexico Statutes 4-55D-6. Delinquent special assessment payments; enforcement of special assessment liens
A. Delinquent payments due on a special assessment incur interest and penalties as specified in the special assessment financing agreement.
Terms Used In New Mexico Statutes 4-55D-6
- 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
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
B. Delinquent payments due on a special assessment shall be enforced in the event of a nonpayment of the special assessment or installment thereto.
C. Delinquent payments due on a special assessment have the effect of a mortgage and shall be foreclosed and sold in the manner provided by law for the foreclosure of mortgages on real estate.
D. The holder of a special assessment assignable certificate may institute proceedings to foreclose the special assessment lien against the property that is delinquent in the payment of the special assessment or installment of a special assessment for a period of more than one year.
E. The capital provider may sell or assign for consideration any and all special assessment liens received from the county. The capital provider or its assignee shall have and possess the same powers and rights at law or in equity to enforce the special assessment lien in the same manner as described in Subsections C and D of this section.