Maine Foreclosure FAQs

• Q: Does Maine Law Allow for a Redemption Period After a Foreclosure?
  A: Yes. The time period for redemption depends on when the mortgage agreement was signed. For mortgages that were executed prior to 1975, the borrower has 3 … More
• Q: Where and When do Foreclosure Sales Take Place in Maine?
  A: Not all foreclosures in Maine are through a foreclosure sale since Maine still allows for strict foreclosures where the lender simply takes possession of the … More
• Q: What Public Notice Requirements are There for a Real Estate Foreclosure in Maine?
  A: Public notice is only required in a foreclosure of Maine property if the foreclosure is going to occur by sale. The terms and conditions of the foreclosure sale … More
• Q: Can a Lender Sue a Borrower for a Deficiency Judgment if the Lender is Still Owed Money After a Foreclosure Sale in Maine?
  A: Yes, however the amount that can be recovered in a deficiency judgment is limited by the fair market value of the property. The borrower can be sued for the … More
• Q: How Can a Lender Foreclose on a Property in Maine?
  A: All Maine foreclosures occur through the judicial system. A lender may sue a borrower in state court if the borrower defaults on his or her mortgage loan. A … More
• Q: How Long Does the Typical Foreclosure Process Take in Maine?
  A: It takes about 6 months to foreclose on a Maine property under ordinary circumstances. However, if the borrower contests the foreclosure or the court delays the … More
• Q: Can I Keep My Home If I File Bankruptcy in Maine?
  A: Maine has a two tiered homestead exemption law.  A homeowner who has dependents under the age of 18 living in the home may claim up to $70,000 in a homestead … More

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