Services

Elizabeth Mason, P.C., provides the complete range of default legal services to residential mortgage lenders in the State of New Mexico, from default notice through eviction.  The firm practices statewide, processing mortgage foreclosures, deeds in lieu of foreclosure, title claims, representation of second lienholders in first mortgage foreclosures, and bankruptcy relief motions and plan objections. We also work with lender representatives and borrowers to avoid foreclosure where appropriate through the processing of reinstatement and loan modification agreements.

New technologies and case management software have revolutionized the foreclosure practice. Since our first foreclosure referral in 1989, and with the contribution of our long-term staff, the firm’s productivity gains have been astonishing. Although Fannie Mae guidelines require completion of foreclosures within 180 days, the firm averages just 120 days for completion of an uncontested foreclosure action.  In addition, the firm is approaching paperless status.

These new technologies permit rapid processing of a high volume of foreclosures.  What happens when a foreclosure action does not fit the timelines?  Frequently the problem files screech to a halt—when logging on, you are warned:  “On hold for litigation.”  In the State of New Mexico, every foreclosure is a litigated file—most are not contested, but we give timely attention to all our litigation, contested or not. 

Communication is essential to our services.  Client communication is facilitated through the use of industry software programs, including Lenstar, Vendorscape, NewTrak, New Invoice, and iClear systems; however, we are also committed to communicating with borrowers.  When a borrower calls our office, the telephone is answered.  It is important to know whether the borrower is raising any real issues that the client should address.  In addition, we believe it is always in the lender’s best interests that borrowers have accurate information regarding the foreclosure process, and we make every effort to put the borrower into contact with the lender so that loss mitigation efforts may be pursued as soon as possible.  This is especially important in the present climate of falling home values and political and media pressure for homeowner assistance.

Defective title is the other issue that arises in too many foreclosure actions. The firm is committed to conveyance of marketable title after the foreclosure sale. Elizabeth Mason has 25 years' experience with resolving title issues, and is often retained by title insurers to do just that.  We work with our vendors to insure we receive quality title products.  We immediately advise our clients of any title issues.  We make timely title claims, demanding reimbursement under the loan policy for payment of not only the claim itself but for indemnification of the lender for the attorneys fees and costs incurred to resolve title issue.  We draft our foreclosure actions to resolve every possible title issue, and we work with the client after the foreclosure is completed to resolve any unexpected title problems.

Of course, fees are always charged in accordance with the Fannie Mae fee schedule or other applicable agency guideline.  Please contact us for a representative list of clients and references.