The courts have inherent power to restrain the sale of mortgaged premises in foreclosure proceedings, but are reluctant to exercise such power except where it is shown that particular circumstances, extrinsic to the instrument, would render its enforcement in this manner inequitable and work irreparable injury, and that complainant has no adequate remedy at law. Furthermore, a party must show a probable right of recovery in order to obtain a temporary injunction of a foreclosure action.
Maine Petition to Enjoin Foreclosure Sale and Seeking Ascertainment of Amount Owed on Note and Deed of Trust
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FAQ
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.
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.
21 days later, the property can be sold If no one else bids, your home goes to the lender. The successful bidder gets a trustee's deed once the sale is complete. You have up until 5 days before the foreclosure sale to stop the process. This is called ?reinstatement? of the loan.
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).
Redeem up foreclose down Lastly, coming to the maxim, 'Redeem up and foreclose down', which means that whenever there are more than one mortgagee, the later mortgagee can redeem only those prior to him and foreclose those after him.
A few potential ways to stop a foreclosure include reinstating the loan, redeeming the property before the sale (or for a short period after that), or filing for bankruptcy. (Of course, if you can work out a loss mitigation option, like a loan modification, that will also stop a foreclosure.)