Foreclosure is the procedure by which a party who has loaned money secured by a mortgage or deed of trust on real property (or has an unpaid judgment), forces the sale of the real property to recover the money due, unpaid interest, plus the costs of foreclosure, after the debtor fails to make payment.
In most cases, a wrongful foreclosure action alleges that the amount stated as due and owing in the notice of default is incorrect for one or more of the following reasons: an incorrect interest rate adjustment, incorrect tax escrow collected, misapplied payments, or a forbearance agreement which was not adhered to by the servicer, Wrongful foreclosure actions are also brought when the servicers accept partial payments after initiation of the wrongful foreclosure process, then continue with the foreclosure.
Title: Understanding New Mexico Instruction to Jury Regarding Damages for Wrongful Foreclosure Introduction: In cases of wrongful foreclosure, the New Mexico Instruction to Jury Regarding Damages plays a crucial role in helping jurors understand the various aspects related to the calculation and award of damages to the affected parties. This comprehensive guide explores the different types of instructions provided to the jury, emphasizing the relevant keywords throughout. 1. Definition and Elements of Wrongful Foreclosure: One of the key instructions provided to the jury focuses on clarifying the concept of wrongful foreclosure. It highlights the essential elements that need to be proven to establish a case of wrongful foreclosure, such as irregularities in the foreclosure process, lack of standing, or violation of federal or state laws governing foreclosures. 2. Categories of Damages: The New Mexico Instruction to Jury Regarding Damages for Wrongful Foreclosure outlines various categories of damages that may be awarded in such cases. The relevant keywords here include compensatory damages, punitive damages, emotional distress damages, and exemplary damages. 3. Compensatory Damages: Jurors are instructed on calculating compensatory damages, which aim to reimburse the plaintiff for financial losses directly caused by the wrongful foreclosure. These may include unpaid mortgage payments, loss of equity, attorney fees, and any other monetary damages suffered. 4. Emotional Distress Damages: This instruction explains and clarifies the process of awarding damages for emotional distress caused by the wrongful foreclosure. Jurors are cautioned about the need for substantial evidence of severe emotional distress and are required to consider the extent of the distress and its impact on the plaintiff's quality of life. 5. Punitive and Exemplary Damages: When the wrongful foreclosure is proven to be the result of intentional misconduct or gross negligence on the part of the defendant, the jury may be instructed to consider punitive or exemplary damages as a means of punishment. The instruction provides guidance on distinguishing between compensatory and punitive damages while considering the defendant's conduct. 6. Mitigation of Damages: The instruction informs the jury about the principle of mitigation, emphasizing that the plaintiff must make reasonable efforts to minimize the damages suffered due to the wrongful foreclosure. Jurors are advised to consider the plaintiff's actions or inaction in mitigating potential losses. 7. Loss of Use or Enjoyment Damages: In certain cases, a jury may also be instructed to consider damages arising from the loss of use or enjoyment of the property due to wrongful foreclosure. This may include the costs of alternative accommodations, rental expenses, and other related expenses incurred by the plaintiff. Conclusion: The New Mexico Instruction to Jury Regarding Damages for Wrongful Foreclosure encompasses various key elements involved in awarding damages for wrongful foreclosure in the state. By providing jurors with comprehensive guidance in understanding the different types of damages and their calculation, this instruction aims to ensure a fair and just resolution for those affected by wrongful foreclosures.
