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With a total of 737,782 housing units, Maine saw 152 foreclosures for a foreclosure rate of one in every 4,854 homes.
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.
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.
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.
Only two states, Connecticut and Vermont, allow for a special type of judicial foreclosure known as a strict foreclosure. Under this proceeding, the lender files suit against the borrower who is in default.
Put your name, address, phone number, loan number, and date on the top of the letter. List the name and address of your lender. information about any money you have saved for a workout agreement. Tell the lender you are working with a foreclosure counselor and include their name and agency.
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.
A foreclosure means that the lender takes control of a property after the borrower misses multiple mortgage payments. This is also referred to as defaulting on the loan. In doing so, the borrower is breaking the mortgage contract they signed with their lender.