REDEMPTION RIGHT SALE OR TRANSFER

HB 583 amends New Mexico's foreclosure law to restrict the transfer of redemption rights after a property sale. It allows original homeowners, their close relatives, nonprofit housing groups, or junior lienholders to reclaim property within nine months by paying the sale price plus interest and costs. Crucially, the bill prohibits junior lienholders from selling or assigning their redemption rights to third parties. This change clarifies that redemption rights must be used to protect a secured financial interest, not transferred for profit.