Loan Modification Blog » Maine Foreclosure http://www.1stforeclosureprevention.com/blog Loan Modification Blog Sat, 31 Jul 2010 03:04:43 +0000 http://wordpress.org/?v=2.8.5 en hourly 1 Maine Foreclosure http://www.1stforeclosureprevention.com/blog/2009/08/19/maine-foreclosure/ http://www.1stforeclosureprevention.com/blog/2009/08/19/maine-foreclosure/#comments Wed, 19 Aug 2009 13:40:44 +0000 admin http://www.1stforeclosureprevention.com/blog/?p=205 687px-Flag_of_Maine_svgMaine’s primary form of foreclosure is strict foreclosure, although on occasion the judicial foreclosure process is used. In either case it is the lenders responsibility to show default of the borrower by filing a lawsuit to obtain a court order to foreclose. Maine’s foreclosure doctrine strict foreclosure process states that the lender owns the property until the borrower has paid the mortgage in full. If during that time any part of the conditions set up in the mortgage is broken, the borrower loses all rights to the property and the lender can take immediate possession of the property or arrange for its sale.

Also stated in the doctrine is that the borrower has 3 months if the mortgage was obtained post 1975 and 12 months if the mortgage was obtained pre 1975 to redeem the property. If the lender takes back physical possession they are required to “hold” it for the entire redemption time before any finalization of the foreclosure.

The lender can choose to sell the property without taking possession of it but they first have to file an initial suit and still wait for the redemption period to pass. In the state of Maine, the lender also has rights to sue for a deficiency judgment but only for the difference between fair market value and the balance of loan in default. The fair market value is to be determined by a qualified appraiser.

If you live in Maine and are facing foreclosure, 1st Foreclosure Prevention can help you work with you lender to stop the foreclosure process and help you to save your home.

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