
By Alexia Constantaras, Attorney at Law, Montgomery & Andrews, P.A.
Lenders that resell or buy mortgage loans might feel the impact of a February decision by the New Mexico State Supreme Court that affects their ability to foreclose if the borrower defaults.
The case, Bank of New York v. Joseph A. Romero, involved a Chimayó man who refinanced a mortgage he had taken on a home he inherited from his father decades earlier. Romero secured the original loan to open a business in Española; the 2006 Equity One refinance was done to pay off that older mortgage and other debts.
Romero claimed his business made approximately $5,600 per month, but Equity One didn’t confirm that information Continue reading