New Mexico Release of Liens for Vendor's Lien and Deed of Trust Lien
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How to fill out Release Of Liens For Vendor's Lien And Deed Of Trust Lien?
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FAQ
A New Mexico deed of trust assigns a real estate title to a trustee to keep until a loan has been repaid from the owner of the property (the ?borrower?) to the provider of the loan (the ?lender?).
A lienholder will only remove a lien after the loan debt has been paid off. After the loan has been paid off, the lienholder will send you one of the following: A completed ?Release of Lien? form, on Motor Vehicle Division (?MVD?) of New Mexico letterhead. A completed ?Release of Lien? section on the vehicle title.
After you file your lien and serve it on the owner, your lien is valid for 2 years in New Mexico. That means you have 2 years to enforce your lien claim unless it's extended.
NEW MEXICO A judgment is a lien on the real estate of the judgment debtor and expires after fourteen years. N.M. Stat. § 39-1-6.
An original judgment lien is valid for 10 years. If the judgment isn't paid by the end of the first 10 years, then the judgment creditor can seek a renewal judgment on the lien that would be valid for another 10 years.
In New Mexico, a mechanics lien filed by any party remains an encumbrance on the property for a period of two years. If an action to enforce the lien has not been initiated within two years from the date on which the lien was filed, the lien is extinguished.
One way to collect upon a judgment in New Mexico is to obtain a judgment lien A judgment lien gives the creditor the right to be paid a certain amount of money from proceeds from the sale of the debtor's property. The judgment creditor will need to identify where the defendant (now the judgment debtor) has property.
A judgment obtained through a common law action on a prior judgment or through any other means of revival of a prior judgment shall not be enforceable after fourteen years from the date of the original judgment upon which it is founded.
