Expiration Of Clerk's Certificate Of Foreclosure Maine For Lobster
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FAQ
It takes about 6 months to foreclose on a Maine property under ordinary circumstances. However, if the borrower contests the foreclosure or the court delays the foreclosure then the process may take longer.
(Section 47 of RA 8791, otherwise known as the new General Banking Law). Only after the lapse of the redemption period shall the buyer at the auction sale may consolidate its ownership over the foreclosed property. The period to redeem a property sold in an extrajudicial foreclosure sale is not extendible.
In Maine, lenders may foreclose on mortgages in default by using either a judicial or strict foreclosure process. Although Maine allows lenders to pursue foreclosure by judicial methods, which involves filing a lawsuit to obtain a court order to foreclose, it is only used in special circumstances.
Preforeclosure Notices in MaineIf the property is the borrower's primary residence, the lender has to send a notice of the right to cure before officially starting a foreclosure. The notice must give the borrower at least 35 days to cure the default (make up the missed payments) and reinstate the loan.