Maine Sample Letters - A Package of Sample Letters and Forms for 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.
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.
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).
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.
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.
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.
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.