Here is a summary of foreclosure laws and rules for the State of Maine:
- Lenders use judicial foreclosure. The foreclosure begins with filing the complaint.
- The redemption period is 90 days.
- If the lender accepts money or anything of value on the mortgage debt after the foreclosure has begun and before the redemption time period has expired, then the lender waives the foreclosure procedure.
- The borrower can remain in the house during that period and try to pay off the mortgage.
- Deficiency judgments are allowed.
If you are interested in reading the actual statutes relevant to mortgage and foreclosure in Maine those laws are available online.
Learn more about what the above procedures and rules mean. Review the homeowner foreclosure guide on this website.
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