Maine Sample Letter for Judicial Foreclosure
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How to fill out Sample Letter For Judicial Foreclosure?
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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.
Notice of Default ? Foreclosure starts when your lender records a Notice of Default against your property with the Registrar Recorder's office. The Notice of Default tells you the total amount you owe including missed payments and foreclosure fees.
In Maine, foreclosure is a type of court case generally brought by a lender to sell a borrower's (homeowner's) home to satisfy a debt. In a foreclosure case, the homeowner is the "defendant" and the lender is the "plaintiff." A foreclosure case usually takes several months or more to complete.
With a total of 737,782 housing units, Maine saw 152 foreclosures for a foreclosure rate of one in every 4,854 homes.
If a homeowner falls behind in paying the mortgage, the lender sends a letter to the homeowner saying how much must be paid by a certain deadline (giving at least 35 days) in order to get back on track and avoid foreclosure. This is called a "notice of default and right to cure" letter (default letter).
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.
Redemption Period in Maine Some states have a law that gives a foreclosed homeowner time after the foreclosure sale to redeem the property. But in Maine, the redemption period takes place before the sale. After the court issues a foreclosure judgment, the redemption period is 90 days from the judgment date.
