In the state of Maine, judicial foreclosures are more common. A normal Maine foreclosure process can stretch up to nine months.
To initiate a foreclosure process in the state of Maine, the lender has to first send the borrower a notice of default. It will then be the borrower's responsibility to pay the entire debt amount including interest and any extra fees within a timeframe of 30 days from the day the notice was sent.
To start the process of foreclosure in the state of Maine, the lender has to first file all the documents stating the borrower to be in default in the court. The lender will also have to notify the borrower regarding the foreclosure processing or action. If the borrower doesn't oppose this then the court will order a foreclosure without any hearing. If the borrower chooses to oppose the foreclosure then the case can go for a trial.
During the trial, if the Maine court rules against the borrower then he/she will have 90 days to occupy the property and pay the entire amount due to stop the process of foreclosure. The pre-foreclosure period is separate from the 90 days and lasts from 6 to 7 months.
If due to any reason, the borrower is unable to stop the Maine foreclosure in the pre-foreclosure period itself then the lender can go ahead and publish a notice of auction for three consecutive weeks in any local newspaper. The Maine foreclosure sale will be scheduled 30-45 days from the date of the first publication. The published notice will contain all important details regarding the property and foreclosure like property description, the date and time of foreclosure sale and the venue.
The foreclosure sale according to the foreclosure law in Maine will take place in the foreclosure attorney's office. The foreclosure attorney is also responsible for conducting and presiding over the foreclosure sale process.
The venue of the sale or auction can be the courthouse premises or on the premises of the property in question.
The sale can also be postponed but not for more than seven days at a stretch. The postponement of the sale has to be announced at the venue of the original sale on the date of the auction.
During the sale, the lender has the option to bid. The property will go to the highest bidder who is required to make a deposit after the sale for a specified amount. He or she can pay the rest of the amount within 30 days from the day of closing of the sale. Once the winning bidder pays the entire amount, the transfer of ownership certificate will be given to him or her.
If you need more information about Maine foreclosure laws, you should contact a foreclosure lawyer, or contact us so we can recommend one for you.
