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When judgment for the plaintiff (lender) is entered, a 90-day "period of redemption" begins unless an appeal is filed. 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.
Ways to Stop Foreclosure in Maine Declare Bankruptcy. Yes, bankruptcy is a way through which foreclosure can be stopped. ... Applying for Loan Modification. ... Reinstating Your Loan. ... Plan for Repayment. ... Refinancing. ... Sell Out Your Home. ... Short Sale. ... Deed In Lieu of Foreclosure.
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.)
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.
With a total of 737,782 housing units, Maine saw 152 foreclosures for a foreclosure rate of one in every 4,854 homes.
From the filing of a foreclosure complaint to the auction sale of the property, the foreclosure process in Maine generally takes 10 to 16 months. As a homeowner, you can participate fully in the process, and you have the right to request free mediation at the courthouse.