What are Maine's laws on deficiency judgments following foreclosure?

Not all states allow deficiency judgments.  A deficiency judgment is generally the difference between the amount your lender sells your home for at public foreclosure sale and the amount you owe the lender on your mortgage.  Deficiency judgments on foreclosure Maine properties are limited by Maine laws to the difference in the amount of the fair market value of the property determined by a property appraisal and your loan balance.  In order to avoid a judgment, you should negotiate with your lender a foreclosure prevention option such as a mortgage modification, reinstatement, forbearance, refinance, deed in lieu of foreclsoure or a short sale so that you are not liable for any deficiency amounts.  Chances are the lender probably won’t pursue the judgment anyway because they are hard to collect.  Most people who have gone through a foreclosure don’t have sufficient assets so lenders don’t want to waste their time and money trying to track you down to serve you on a judgment they know they won’t be able to collect. They already lost money on your foreclosure sale.  Lenders are more interested in making money on loans. Also, they like to leave the door open to doing business with you again in the future. It's bad business to sue your customers.  Even so, you should be aware of the possibility that your lender could obtain the judgment against you.      

If you are facing a foreclosure in Maine, it is recommended that you hire a Maine foreclosure defense attorney. The attorney is an expert about Maine foreclosure laws and foreclosure defenses. The attorney can you negotiate with your lender to prevent a deficiency judgment and to negotiate a solution to save your home from foreclosure.