Mortgage Assets Management, LLC Foreclosure Defense

Mortgage Assets Management, LLC (MAM) specializes in mortgage loan administration. Some of the services they offer are loan servicing oversight, loss mitigation management, default and foreclosure management, REO management, and more. MAM is based in Houston, Texas, but they do business throughout the entire country. They mostly specialize in servicing mortgage loans for other larger financial institutions, although they do sometimes start foreclosure proceedings against homeowners.

If Mortgage Assets Management has threatened to foreclose on your home, it is natural to feel panicked and uncertain of your future. However, you must remain calm. There are many legal options you may have and they may even help you keep your home.

What is the Mortgage Assets Management Foreclosure Process?

In Florida, lenders and servicers are prohibited from starting the foreclosure process before a homeowner is 120 days, or approximately four months, late on their mortgage payments. The foreclosure process can be resolved by homeowners paying missed payments and bringing their loan current, the home being sold at auction, or if the lender takes ownership of the property, such as with a deed-in-lieu.

To initiate foreclosure proceedings, MAM will first send you a Notice of Default. The notice will include detailed information such as how much you still owe on the mortgage and the amount of time you have to make payments and bring the loan current. If you cannot repay missed payments during the time allowed, Mortgage Assets Management will send you a Notice of Sale.

The Notice of Sale specifies that your home will be sold at auction if you are not able to pay the mortgage payments that have defaulted, along with any associated fees that have accrued over the past several months. If you are not able to repay the home loan by the deadline, your home may be auctioned in a public sale.

In most cases, MAM works with a lawyer who attends the sale on their behalf. The lawyer will then make a bid equal to the amount that is still owed on the home. If the lawyer’s bid is not outbid by another party, Mortgage Assets Management becomes the new owner of the home. These properties are then known as MAM foreclosures, or MAM REO properties.

Your Rights During the Foreclosure Process

If Mortgage Assets Management, LLC has notified you that they are going to initiate foreclosure proceedings, you will likely feel overwhelmed and stressed. You may think after receiving this notice that you are out of options but fortunately, that is not the case. Homeowners who are facing foreclosure have many rights, and they are as follows:

• The right to defend foreclosure: Sadly, many mortgage lenders and servicers throughout the United States illegally start foreclosure proceedings on innocent homeowners. Many lawsuits are often filed against these companies, and MAM is no different. You have the right to defend a foreclosure and a Fort Lauderdale foreclosure defense lawyer can advise you of what those are.
• The right to mediate: The civil courts in Florida are constantly working through a large backlog of cases. To help fight this backlog, judges often require that lenders and homeowners enter mediation before they can be taken to court. For some homeowners, the idea of mediation is intimidating, but the process also holds many benefits for homeowners. It is more affordable than going to court and can resolve your case much more quickly.
• The right to file a counter-lawsuit: If Mortgage Assets Management, LLC has used unlawful tactics, it may be possible to file a counter-lawsuit against the institution. For example, under federal law mortgage lenders and servicers are not allowed to engage in dual tracking. Dual tracking refers to when a lender starts or proceeds with the foreclosure while your application for a loan modification is being reviewed or negotiated. If MAM has taken part in dual tracking, or any other illegal act, you have the right to file a counter lawsuit to obtain damages.

Other than the rights outlined above that you have during foreclosure, there may be others, as well. After receiving notice that proceedings have been initiated, it is critical to contact a Fort Lauderdale foreclosure defense lawyer who can advise you of any other rights you have.

How Can a Foreclosure Defense Lawyer in Fort Lauderdale Help with Your Case?

As with other mortgage lenders, servicers, and financial institutions, Mortgage Assets Management, LLC has a legal duty to comply with the many state and federal laws that regulate the foreclosure process. These laws have been established to ensure that the rights of homeowners are protected. Whether MAM has the legal authority to foreclose on your home or not, it is possible that you still have legal options. A lawyer can determine if you have a legal case, particularly if any of the following are true:

• You are current with your mortgage payments but MAM has started foreclosure proceedings anyway.
• You have applied for a loan modification but MAM has refused to review your loan modification applications, or the company refuses to honor an agreement you have already negotiated.
• MAM has denied you a loan modification even though you qualify.
• You have tried to make payments to bring your loan current but MAM has refused them.
• MAM has initiated the foreclosure process while your application for a loan modification is still under review.

If any of the above is true, or MAM has tried other illegal tactics, a lawyer will advise you on how to proceed to defend your case.

Our Foreclosure Defense Lawyers in Fort Lauderdale Will Ensure Your Rights are Upheld

It is easy to assume that you do not have any rights during the foreclosure process but fortunately, that is not true. At Loan Lawyers, our Fort Lauderdale foreclosure defense lawyers will inform you of the rights you have throughout the process and ensure they are upheld so you have the best chance of obtaining a favorable outcome. Call our Florida foreclosure defense lawyers today at (954) 523-4357 or fill out our online form to request a free review of your case and to get more information.