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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