Maine

 

Maine Foreclosure Laws

If you receive a foreclosure notice, you now have a dilemma. You need to think about what you are going to do and weigh all the options possible to avoid foreclosure. Fortunately, you have several options you can explore so that you can stay in your home.

What are the alternatives to foreclosure in Maine?

Under federal and state, laws residents of Maine can choose from a number of foreclosure remedies depending on how far behind you are on your mortgage, your monthly income, and other factors. Below are several alternatives to foreclosure in Maine:

Foreclosure Diversion Program

Mortgage Modification

Short sale

Judicial Proceedings

Chapter 13 Bankruptcy

Foreclosure Diversion Program

Maine’s Foreclosure Diversion Program in which homeowner and lender enter into mediation to come up with a solution to foreclosure. You can request the diversion program by submitting a request to the Court Clerk in your area of Maine but only if you live in the home listed in the foreclosure notice.

Superior Court- Portland

205 Newbury St, Portland, ME 04101

 

US District Court Clerk-Bangor

202 Harlow St # 357, Bangor, ME 04401

 

District Court-Rockland

62 Union St, Rockland, ME 04841

Redemption and Deficiency

Once a lender submits a foreclosure judgment, you have a 90-day redemption period. If you appeal your foreclosure through the judicial process, you cannot seek redemption. Redemption allows you to re-purchase your home within the 90-day window.

Judicial Proceedings

A judicial proceeding is the only way foreclosures in Maine are handled. Once a lender sends you a Notice of Right to Cure, you have 35 days to pay your past due notice so you can avoid the foreclosure process. At this point, you should contact your lender and see if you can negotiate for a repayment plan or a mortgage modification. When you receive this notice, you should contact a foreclosure lawyer in Maine to explain your alternatives to foreclosure.  

Why Retain a Foreclosure Lawyer?

If you want to fight foreclosure, you will have a greater chance of keeping your home, if you enlist the assistance of a foreclosure lawyer in Maine. They will examine the facts of your case and help you decide which alternative to foreclosure will suit your needs.

If you have to walk away from your home, a lawyer can try to minimize the impact a foreclosure will have on you by trying to get the amount of your debt reduced. They can also help you with redemption if that is your best option.

If you want to fight for your home, a foreclosure lawyer can be an asset to your case by helping you make wise decisions about what you should do next. Don’t hesitate to get legal assistance. You can find a lawyer in your county in Maine to guide you and give you their expert advice through all stages of your case. Call today and set up a consultation with one of our accomplished foreclosure lawyers.