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Maine Foreclosure Laws

Judicial	Yes
Non-Judicial	No
Process Period	240 Days
Sale Publication	30 Days
Redemption Period	90 Days
Sale / NTS	Court

Judicial Foreclosures: To begin the process of an in court foreclosure a lender must deliver a default notice to the borrower. The borrower has 30 days to pay back the default amount plus interest. If they do not do so in the time allotted, the lender must file the appropriate documents with the court and begin the foreclosure process. The lender must notify the borrower of the action they have taken. If the borrower opposes the foreclosure the case could go to trial. If the court ruling favors the lender the borrower has 90 days to pay back the amount and stop the foreclosure process.

Non-Judicial Foreclosures: In the State of Maine out-of-court procedures do not take place.

Sale: To continue the foreclosure process the lender must publish the notice of sale in the local newspaper for three weeks. The sale should take place 30-45 days after the first publication. The publication should include the description of the property, and the sale date time and location.

The sale often takes place at the foreclosure attorney�s office. At the sale the lender can bid on the property, and the property will be sold to the highest bidder. The bidder must put down a deposit and had 30 days to complete the payments. The lender will then transfer the property ownership to the winning bidder.

Additional Information on Maine Foreclosure

HUD resources for Maine residents

The information and notices contained on this website are intended as general research and information and are expressly not intended, and should not be regarded, as financial or legal advice. We attempt to ensure that the material contained on the web-site is accurate and complete at the date first published, however you should recognize that information contained on this web-site may become out of date over time. Readers who have particular questions real estate financing or foreclosure, or who believe they require legal counsel, should seek the advice of an attorney. By submitting this contact request, you are consenting to be contacted by foreclosure consultants by telephone or email, even if you have previously listed yourself on any state or federal Do-Not-Call List. Please note that Wisdom may receive compensation from the foreclosure consultants for that introduction.