Behind on your mortgage? KNOW YOUR OPTIONS.

You are not alone. Every day thousands of New Mexicans, just like you, are facing foreclosure or find it hard to make their mortgage payments. The most common causes for these problems are major illness, unemployment or divorce, but there countless other reasons as well. It can feel like a hopeless, scary situation. But help is available, including mortgage company programs that can reduce your payment or help you through a temporary financial crisis. The worst thing you can do is nothing at all. Ignoring the problem will only make it worse.

NEWS & EVENTS

  • July 19, 2016

    Washington State Supreme Court Bans Foreclosure Lock-Outs
    "The mortgage industry is wrestling with the significance of the 6-3 ruling, which found that provisions standard in mortgage documents around the country conflict with state law. The provisions allow for lenders to change locks, winterize homes or take other steps to preserve the value of properties that are in default or abandoned."
  • May 27, 2016

    Success!
    Las Cruces family home rescued from foreclosure with team effort by Keep Your Home New Mexico partner organizations
  • January 7, 2016

    The Qualified Principal Indebtedness Exclusion Revived and Extended for Two Years
    On December 18, 2015, President Barack Obama signed the Consolidated Appropriations Act of 2016, Public Law 114-113 (129 Stat. 2242; 887 pages), which includes a two-year extension of the qualified principal residence indebtedness exclusion that had expired at the end of 2014. The qualified principal residence indebtedness exclusion has been an important tax exclusion for struggling homeowners trying to pick up the pieces since the foreclosure crisis. Typically when debt is forgiven, the discharged amount is included in a taxpayer’s gross income. The qualified principal residence indebtedness exclusion in 26 U.S.C. § 108(a)(1)(E), however, allows a taxpayer to exclude up to $2 million of the forgiven debt related to a decline in the value of the residence or to the financial condition of the taxpayer. Many shorts sales and mortgage modifications include debt forgiveness that falls under the qualified principal residence indebtedness exclusion. Without this two-year extension, many homeowners entering into these agreements in 2015 and 2016 may have been subject to a hefty tax bill.
  • January 4, 2016

    ABQ housing distress slow to improve
    Housing distress continues to recede at a slower pace in the Albuquerque metro area than in the nation as a whole, real-estate data and services provider CoreLogic reported Wednesday.
  • December 2, 2015

    Owning A Home: The homebuyer's trusted resource
    Consumer Financial Protection Bureau gives tools and resources on their website for new homeowners to assist with the mortgage process.

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Keep Your Home New Mexico is a free program for New Mexico homeowners who are at risk of losing their homes. This is a partnership between New Mexico state agencies and local nonprofit organizations. Keep Your Home New Mexico is supported by funding from the New Mexico Attorney General’s Homeownership Preservation Program.