Maine State Foreclosure Laws
Maine Foreclosure Laws
- Judicial Foreclosure Available:
- Non-Judicial Foreclosure
- Right of Redemption:
- Deficiency Judgments allowed:
Yes, but with restrictions
- Special Comments:
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The strict foreclosure process is based on Maine's foreclosure doctrine in which the lender owns the property until the mortgage has been paid in full. If the borrower breaks any of the conditions established in the mortgage prior to the time the loan is paid in full, he or she will lose any right to the property and the lender will either take possession of the property or arrange for it's sale. In either case, the borrower has either a three (3) month (pre-1975 mortgages) or a twelve (12) month (post-1975 mortgages) redemption period. If the lender has taken possession of the property, they must hold possession of it for the entire redemption period to finalize the foreclosure. If the lender chooses to sell the property without taking possession of it first, they must file an initial suit and then wait until the redemption period has passed to sell the property by special procedures set forth by the court.
The lender may file a for a deficiency judgment, but it is limited to the difference between the fair market value, as determined by an appraisal, and the balance of the loan in default.
State Law information provided by Foreclosurelaw.org
What can you do
Our foreclosure specialists understand what your Mortgage Company requires to avoid foreclosure or stop foreclosure. We understand what it takes to get a mortgage workout approved.
We will use one of these strategies or perhaps a combination of workout plans to develop your personalized strategy to stop foreclosure:
- Reinstatement Plan
- Repayment Plan
- Loan Modification/Loan restructuring
- Loan Refinance
- Loan Forbearance
- Partial Claim
- Pre-Foreclosure Sale
- Short Sale
- Deed-in-Lieu of Foreclosure
We call ourselves Specialists because we
SPECIALIZE in helping people get out of foreclosure.
Our Name, American Foreclosure Specialists, is the name that you can trust.
Do you want to Stop Foreclosure?Fill out our Free Questionnaire
Our Name, American Foreclosure Specialists,
is the name that you can trust.
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IMPORANT NOTICE – PLEASE READ There is no guarantee you will receive a loan modification. Even if you accept this offer and use our service, your lender may not agree to change your loan. Loan Modification approval is dependent on criteria including but not limited to hardship, income, debt ratios. American Foreclosure Specialists is not a Bank, nor a government agency or government affiliate. Our services are not approved by the government or your lender. American Foreclosure Specialists assists in the document preparation, working with and communication with your Mortgage Bank in the attempt to acquire an approved Loan Modification. If you stop paying your mortgage, you could lose your home and damage your credit rating. Loan Modification Plans are dependent upon mortgage company criteria and financial information gathered as part of the efforts of AFS. The information and notices contained on this website are intended as informational and should not be regarded, as financial or legal advice. AFS attempts to ensure that the material contained on the website is accurate and complete at the date first published, however you should recognize that information contained on this website may become out of date over time. Readers who have particular questions regarding real estate law, finance, or who believe they require legal counsel, should seek the advice of a financial advisor or an attorney. Submitting a contact request, gives AFS consent to contact you by telephone and/or email, even if you have previously listed yourself on any state or federal Do-Not-Call List.