statute of limitation for a lender to file against a homeowner on a 2nd mortgage in New Mexico

More info needed, and in general, you should be contacting an attorney licensed in NM for information specific to your scenario. First, Do you still own the home?? If so, then the lender has the right to foreclose at anytime, it's just that most wont because they would need to pay off the first position mortgage to get the property back. I had a client in CA who had this very scenario. They stopped paying on the 2nd, thought it went away.. 7 years later, they sent them a demand notice for $120K.. The homeowners, after seeking legal advise, paid the money. Primarily, because the home had increased in value substantially and if they hadn't paid, they would have lost out on hundred's of thousands of dollars in equity.. Again, more info to address your scenario.. but I do know that NM has a 6 year statute of limitations on written contracts and the clock starts ticking from the time you went delinquent.. But, there are separate rules for mortgages.. so it's best to contact an attorney.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / MKS Lending LLC DBA Trusted Lending Center, NMLS 1018196 / AZMB 1414920