In the exercise of its option under a due-on-sale clause, a lender is encouraged to permit an assumption of a real property loan at the existing contract rate or at a rate which is at or below the average between the contract and market rates, and nothing in this act [48-7-15 to 48-7-24 NMSA 1978] shall be interpreted to prohibit any such assumption.
History: Laws 1983, ch. 314, ยง 8.
Structure New Mexico Statutes
Chapter 48 - Liens and Mortgages
Section 48-7-1 - Right of possession.
Section 48-7-4 - Release on record upon satisfaction of mortgage.
Section 48-7-4.1 - Alternative form of release of mortgage; filing by title insurer.
Section 48-7-5 - [Failure to release; penalty; civil liability.]
Section 48-7-6 - [Release by administrator or executor of deceased mortgagee.]
Section 48-7-7 - Sale of real property under power of sale; allowed if trustor agrees.
Section 48-7-8 - Mortgage escrow funds; limitation; credit against principal.
Section 48-7-9 - Mortgages; future advances; lien.
Section 48-7-10 - Mortgages; insurance proceeds.
Section 48-7-11 to 48-7-14 - Repealed.
Section 48-7-15 - Purpose [of "due-on-sale" law].
Section 48-7-16 - Definitions.
Section 48-7-17 - Due-on-sale generally enforceable.
Section 48-7-18 - Real property loan contract controls.
Section 48-7-19 - Limitation of enforcement of regulated due-on-sale clauses.
Section 48-7-20 - Limitation of exercise of all due-on-sale [options].
Section 48-7-21 - Security; safeguard.
Section 48-7-22 - Due-on-sale policy on nonregulated contracts.