Foreclosure In Maine

In Maine, lenders may foreclose on mortgages in default by using either a judicial or strict foreclosure process. Although Maine allows lenders to pursue foreclosure by judicial methods, which involves filing a lawsuit to obtain a court order to foreclose, it is only used in special circumstances.

Most states allow lenders to sue borrowers for deficiencies after foreclosure or, in some cases, in the foreclosure action itself. Some states allow deficiency lawsuits in judicial foreclosures, but not in nonjudicial foreclosures.Your lender most likely won't sue you if they think they won't recover anything.

Maine is a Title Theory State which means that legal title is conveyed along with the mortgage subject only to the defeasance clause.

Foreclosures are generally judicial in the following states: Connecticut, Delaware, District of Columbia (sometimes), Florida, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana (executory proceeding), Maine, Nebraska (sometimes), New Jersey, New Mexico, New York, North Dakota, Ohio, Oklahoma (if the

As part of the lawsuit, the foreclosing party includes a petition for foreclosure that explains why a judge should issue a foreclosure judgment. In most cases, the court will do so, unless the borrower has a defense that justifies the delinquent payments.

Negotiate With Your Lender. If you found yourself in a situation where you are behind on mortgage payments, and believe that your lender can try to foreclose on your house, try negotiating a new payment plan. Reinstate Your Loan. Forbearance Plan. Sell Your Property.

Foreclosure is what happens when a homeowner fails to pay the mortgage. More specifically, it's a legal process by which the owner forfeits all rights to the property. If the owner can't pay off the outstanding debt, or sell the property via short sale, the property then goes to a foreclosure auction.

Most people do not realize that they can stop foreclosure even if they stopped paying their mortgage. Absolutely! Many recent cases have been filed improperly and an experienced attorney can assist with the identification and filing of substantive and procedural defenses with the court and vigorously defend your case.

Essentially, a judicial foreclosure means that the lender goes to court to get a judgment to foreclose on your home, while a non-judicial foreclosure means that the lender does not need to go to court.