Surplus funds in New Mexico: the rules, straight.
We recover foreclosure surplus, tax sale overages, and vehicle/boat/RV repossession surplus here.
Foreclosure / mortgage surplus
Yes — we recover this here.
Judicial (typical): special master/clerk holds; motion in the foreclosure case. DOT: trustee pays juniors then trustor (NMSA 48-10-15).
No pre-escheat fee cap or assignment bar found. 9-mo redemption (39-5-18) is separate from surplus. Surplus assignments recognized (Bank of America v. BA Mtge, 2005). Unclaimed registry $ later UP.
Tax sale overages
Yes — we recover this here.
NM TRD Property Tax Div. holds in suspense; mails notice; admin refund application + ownership proof (7-38-71; NMAC 3.6.7.80). Competing claims need a court order.
Deadline: 2 years from sale date as former owner; then UUPA (NMSA 7-38-71(C)).
7-38-71 already paid surplus to former owner pre-Tyler; Dearborn (2023) cites Tyler. Min bid ≥ taxes+costs (7-38-67). No fee cap found. Dept may offset claimant's other property taxes.
Courtroom requirement: Process here varies enough that we route files through counsel review — included in the same contingency deal.
If nobody claims it: Tax: 2 yrs from sale → UUPA, still claimable (7-38-71(C)). Mortgage unclaimed court $ → UP. Post-escheat: 48-mo finder bar, no % cap (unconscionable std) (7-8A-25).
Cars, boats & RVs in New Mexico: Vehicle/boat/RV repo surplus: UCC § 9-615(d) obliges the LENDER to return the surplus; § 9-616 explanation on request; § 9-625(c)(2) statutory damages for noncompliance. Demand-letter work against the secured party — no county, no state surplus-fee cap in this table.
This page summarizes public statutes for general information — it is not legal advice, rules change, and unverified items are confirmed by our desk (and counsel where needed) before any agreement is papered. Primary source: https://law.justia.com/codes/new-mexico/chapter-7/article-38/section-7-38-71/ · https://www.law.cornell.edu/regulations/new-mexico/N-M-Admin-Code-SS-3.6.7.80
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