| Judicial | Yes | |
| Non Judicial | No | |
| Primary Security | Mortgage | |
| Timeline | Usually 90 days, up to 1 year sometimes |
|
| Redemption | Yes | |
| Notice | Complaint | |
| Deficiency Judgment | Yes |
Maine Foreclosure Process and Procedure
If you default on your mortgage, your lender can institute foreclosure proceedings against you and auction your property at a foreclosure sale.
Maine foreclosures are conducted by judicial foreclosure proceedings. Maine does not allow non-judicial foreclosure proceedings.
Notice Requirements for Foreclosure in Maine
The lender institutes foreclosure proceedings by filing a lis pendens and complaint with the court. The borrower must be given 30 days notice of any foreclosure sale, and the proposed sale date must be advertised for three successive weeks prior to the sale date in a newspaper of general circulation in the county where the property is located. The notice must contain the property description and the date, time, and location of the sale.
Maine Deficiency and Anti-Deficiency Laws
The lender may obtain a deficiency judgment if the property is sold at foreclosure auction for less than the loan amount.
Maine Redemption Rights
Maine has a post-sale statutory right of redemption. The time limit is one year or three months depending on when the mortgage was executed.
Maine Assistance, Special Programs, Government Help, and Law Updates
Foreclosure Programs:
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Maine Foreclosure Avoidance Counseling -HUD
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Maine Act to Preserve Home Ownership and Stabilize the Economy by Preventing Unnecessary Foreclosures
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The Home Affordable Mortgage Modification Program
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The Home Affordable Refinance Program
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The Home Affordable Foreclosure Alternatives Program
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FHA Secure
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Hope for Homeowners
Foreclosure Lawyer
Maine foreclosure laws are complex. It is recommended that you consult with a foreclosure lawyer who can advise you about options to avoid foreclosure including refinancing, reinstatement, deed in lieu, mortgage modification, short sale or bankruptcy.
