Maine Foreclosure Mediation Information Provided By Plaintiff is a service provided by the Maine State Housing Authority (OSHA) to help borrowers who have fallen behind on their mortgage payments. This program provides an opportunity for borrowers to meet with an impartial mediator and lender to discuss potential solutions for avoiding foreclosure. Mediation is voluntary and confidential. The types of Maine Foreclosure Mediation Information Provided By Plaintiff include: -Information on the foreclosure process, including the legal rights of borrowers -Information regarding the lender’s foreclosure process and timeline -Information on possible loss mitigation options and loan modifications -Information on government-funded programs that may be available to assist with mortgage payments -Information on the availability of financial counseling services -Information on the availability of foreclosure prevention services.
Maine Foreclosure Mediation Information Provided By Plaintiff
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FAQ
Redemption is a period after your home has already been sold at a foreclosure sale when you can still reclaim your home. You will need to pay the outstanding mortgage balance and all costs incurred during the foreclosure process. Many states have some type of redemption period.
All Maine foreclosures go through a court process. The foreclosure starts when the bank files a lawsuit and provides notice of the suit by serving you with a copy of the summons and complaint (the first legal documents filed in the litigation process). You get 20 days to file a response to the complaint with the court.
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.
This practice note discusses residential mortgage foreclosures in Maine. Maine is a judicial foreclosure state for residential mortgages, meaning that foreclosures must proceed by civil action under Me.
When judgment for the plaintiff (lender) is entered, a 90-day "period of redemption" begins unless an appeal is filed. This means the homeowner has 90 days to pay the full amount of the judgment to "redeem" (save) the property. The homeowner can stay in the home during this period.
The right of redemption allows homeowners to keep their homes if they pay back what they owe even after their lender starts the foreclosure process or puts the home up for sale at public auction.