Maine Foreclosure Laws

The only form of foreclosure is the judicial foreclosure in Maine. But most foreclosures are based on the strict foreclosure process. The civil procedure doctrine in Maine says that the lender retains ownership of the property until the mortgage is paid in full. What this means in generalization is that if the borrower violates any condition of the mortgage, the borrower loses all rights to the property. The lender can then simply take possession of the property. Much like would happen in a typical property lease for a car or other item.

If the mortgage was initiated before the year 1975, then the borrower has three months to redeem the property. After the year 1975 the mortgages will allow the borrower twelve months as a redemption period.

To start the process the lender has to file a suit to get an order of sale, if they wish to sell the property. They then have to wait until the redemption period has completely expired. Once that occurs the sale can then be conducted in accordance with instructions from the court.

The notice of the sale must be mailed via ordinary mail to the borrower, and published weekly in a newspaper that is in general circulation for three successive weeks. The first publication can’t be more than 90 days after the expiration of the redemption period. The public sale of the foreclosure must be held not less than 30 days or more than 45 days after the publication of the first notice.

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