When you're the smallest guy in the gym for the first time, everyone around you looks like professional athletes.

If you sell you have to look at resale costs versus the gain and if you can replace that income with the same quality property or a different asset class at a lower point in the recovery cycle.I have many clients from California as an example where cash flow is minimal but the property has increased greatly in value ( over double or more in the last few years ).

Plus, who knows, maybe one day you'll actually collect something.It's easy enough to do and you can even do it yourself through companies like these: Debt Reporting Service or Rent Recovery Service.

They speak of a signs of recovery and have encouraged us to look into the area for our first investment. 

God bless, prayers to you and your family for continued recovery and happiness!

Well, I guess that just proves that the economic recovery just didn't work at all!  

My background is in law enforcement, firefighting, and collateral recovery and NOTHING compares to this field, it's so addictive and rewarding and heartbreaking all at the same time.

If the borrower does default then you will have to work with your servicer to manage the recovery / foreclosure process.  

I must say, though, I know nothing of NM laws regarding recovery in the event of default.

Texas a&m extension service disaster recovery guide says 15% moisture to insulate and sheetrock.