After the filing of the bankruptcy petition, the debtor needs protection from the collection efforts of its creditors. Therefore, the bankruptcy law provides that the filing of either a voluntary or involuntary petition operates as an automatic stay which prevents creditors from taking action against the debtor. This is similar to an injunction against the creditors of the debtor. The automatic stay ends when the bankruptcy case is closed or dismissed or when the debtor is granted a discharge.
Maine Motion in Bankruptcy Court by Mortgagee to Vacate Stay to Permit Foreclosure of Mortgage on Debtor's Real Property
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How to fill out Motion In Bankruptcy Court By Mortgagee To Vacate Stay To Permit Foreclosure Of Mortgage On Debtor's Real Property?
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Whether you go through foreclosure or through bankruptcy, your credit score will be affected. Foreclosure stays on your credit record for 7 years; bankruptcy for 10. That doesn't necessarily mean that bankruptcy is worse for your credit than foreclosure though.
In Maine, foreclosure is a type of court case generally brought by a lender to sell a borrower's (homeowner's) home to satisfy a debt. In a foreclosure case, the homeowner is the "defendant" and the lender is the "plaintiff." A foreclosure case usually takes several months or more to complete.
Notice of Default ? Foreclosure starts when your lender records a Notice of Default against your property with the Registrar Recorder's office. The Notice of Default tells you the total amount you owe including missed payments and foreclosure fees.
With a total of 737,782 housing units, Maine saw 152 foreclosures for a foreclosure rate of one in every 4,854 homes.
Strict Foreclosure. A small number of states allow this type of foreclosure. In strict foreclosure proceedings, the lender files a lawsuit on the homeowner that has defaulted. If the borrower cannot pay the mortgage within a specific timeline ordered by the court, the property goes directly back to the mortgage holder.
Equity of redemption (also termed right of redemption or equitable right of redemption) is a defaulting mortgagor's right to prevent foreclosure proceedings on the property and redeem the mortgaged property by discharging the debt secured by the mortgage within a reasonable amount of time (thereby curing the default).
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.
Ways to Stop Foreclosure in Maine Declare Bankruptcy. Yes, bankruptcy is a way through which foreclosure can be stopped. ... Applying for Loan Modification. ... Reinstating Your Loan. ... Plan for Repayment. ... Refinancing. ... Sell Out Your Home. ... Short Sale. ... Deed In Lieu of Foreclosure.