Foreclosure is the procedure by which a party who has loaned money secured by a mortgage or deed of trust on real property (or has an unpaid judgment), forces the sale of the real property to recover the money due, unpaid interest, plus the costs of foreclosure, after the debtor fails to make payment.
In most cases, a wrongful foreclosure action alleges that the amount stated as due and owing in the notice of default is incorrect for one or more of the following reasons: an incorrect interest rate adjustment, incorrect tax escrow collected, misapplied payments, or a forbearance agreement which was not adhered to by the servicer, Wrongful foreclosure actions are also brought when the servicers accept partial payments after initiation of the wrongful foreclosure process, then continue with the foreclosure.
Maine Instruction to Jury Regarding Damages for Wrongful Foreclosure is a guideline that provides specific instructions to juries about determining damages in cases of wrongful foreclosure in the state of Maine. This instruction assists the jury in understanding the relevant legal principles and helps them make informed decisions regarding the appropriate compensation for the aggrieved party. Some possible types of Maine Instruction to Jury Regarding Damages for Wrongful Foreclosure may include: 1. Actual Damages: This instruction educates the jury on the calculation of actual damages suffered by the plaintiff as a result of the wrongful foreclosure. It may include financial losses such as lost equity, out-of-pocket expenses, attorney fees, and emotional distress suffered due to the foreclosure process. 2. Punitive Damages: In instances where egregious conduct or intentional wrongdoing is proven, this instruction informs the jury on the possibility of awarding punitive damages. These damages aim to punish the defendant and deter similar conduct in the future. The instruction outlines the parameters within which such damages can be awarded and the factors to be considered in determining the amount. 3. Statutory Damages: If applicable, this instruction provides guidance to the jury regarding the calculation and awarding of statutory damages. Certain statutes or laws may establish a predetermined amount to be awarded for wrongful foreclosure, regardless of actual damages incurred. The instruction helps the jury understand how to apply and interpret these statutory provisions. 4. Mitigation of Damages: This instruction focuses on instructing the jury about the concept of mitigation of damages. It guides them on evaluating whether the plaintiff took reasonable measures to minimize their losses and whether any failure to do so should impact the damages awarded. It helps the jury assess the duty of the plaintiff to mitigate their damages after the wrongful foreclosure event. 5. Other Factors: This instruction may provide an overview of additional factors to be considered by the jury when determining damages for wrongful foreclosure. These may include the duration of the wrongful foreclosure, any harm done to the plaintiff's credit or reputation, potential loss of opportunity, and any other relevant damages particular to the specific case. In conclusion, Maine Instruction to Jury Regarding Damages for Wrongful Foreclosure aims to equip the jury with the necessary legal guidance to evaluate the damages incurred by the plaintiff. By considering the various types of damages and relevant factors, the jury can make a fair and reasonable determination of compensation in cases of wrongful foreclosure.
