Right of Redemption
The legal right in New Mexico to buy a property for its foreclosure auction price in cash
A property owner, commonly the person(s) on the mortgage, have a Right of Redemption in their home.
If they are deceased, their legal heir(s) now also inherit the Right of Redemption
New Mexico is unique in that you can legally sell your Right of Redemption
The process of selling a Right of Redemption
When a property goes into foreclosure in New Mexico, most often the person who legally owns a Right of Redemption does nothing. This is unfortunate because 30 days after a foreclosure is complete, the Right of Redemption expires and becomes worthless.
To sell your Right of Redemption, there are only a few steps. First you’ll need to have a short conversation with one of our Housing Experts to determine if your Right of Redemption holds any value. If it does, the next step if a visual inspection.
After your first call, one of our Housing Experts will visit the property and confirm its condition is as expected. This can usually be done the same day as your call.
Following the inspection, your dedicated Housing Expert will send you a 1-page proposal with our quote for your Right of Redemption.
The hardest part on your end is finding a notary to notarize your signature on the document.
What is a Right of Redemption
A Legal Right
When a property goes into foreclosure, the homeowner or heirs of the home have a legal right for 30 days to buy the house back from the highest bidder IN CASH
Expires
If a right of redemption isn’t used within 30 days of a property foreclosure, it expires and becomes worthless. This happens to almost all Right’s of Redemption
Sellable
Luckily, in New Mexico, you can sell your right of redemption if you don’t plan on using it.
Valueable
Depending on the condition, location, and debt connected to the property, a right of redemption could be worth hundreds or even thousands
Inform, Educate, Compensate Fairly.
It's what we do.
“John and Sam were nothing but true professionals on every phone call and email. We had no idea my grandma’s old mobile home had anything of value until John explained what a Right of Redemption was.”
S. Rodriguez, grandchild and probate holder
“I got paid $1,000 for a house I didn’t even know existed that my estranged mother had in New Mexico. 10/10 worth the 5-minute call I had with Sam.”
R. Jackson, estranged daughter and California Resident
“When our house went into foreclosure, we were hurting and Murphey Homes payment allowed us to pay the security deposit on our new rental. Without them we would have been up a creek without a paddle.”
John Sanchez, property owner and Santa Fe Native
“When John first called, we thought his offer was too good to be true. We hadn’t lived in our house in Santa Fe since 2020, yet John was able to get us $5,000.”