Stop Foreclosure

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Foreclosure is one of the most dreadful words in the vocabulary of home owners because they know for a fact what it can do to their homes. Both through judicial and non-judicial means, homeowners can be issued a notice of default or foreclosure due to their inability to pay their dues on time. When you are behind your mortgage payment, or your payment for the money that you borrow to purchase a home, then chances are, a notice of default will be sent to you. The process is pretty simple, all you have to miss out is one single payment and you will immediately be sent this type of notice. This is because more and more people find themselves troubled when it comes to paying up. The thing is, once you are issued this type of notice, you will no longer be allowed to enter your property. The two processes for foreclosure are judicial and non-judicial; the first one being connected with the jurisdiction of the court, while the latter does not. Both types of processes sell the home to other owners on different terms depending too on the situation and this is technically the reason why such a thing should be avoided because it can worsen a lot in no time. Once the property is already sold to another owner because the current home owner can no longer pay for it, it would be have to ensure that the amount of money previously mortgaged is still paid up. Otherwise the responsibility to meet the same amount would be left on the hands of the lender. If you think that you are already freed of the danger of having to pay up your dues just because someone already bought your home, then you are wrong. Know that this type of incident is reflected in your records thus making it impossible for you to apply for loans and mortgages in the future. Judicial Foreclosure Available: Yes Non-Judicial Foreclosure Available: No Primary Security Instruments: Mortgage Timeline: Typically 90 days Right of Redemption: Yes Deficiency Judgments Allowed: Yes In Maine, lenders may foreclose on mortgages in default by using either a judicial or strict foreclosure process. Judicial Foreclosure Although Maine allows lenders to pursue foreclosure by judicial methods, which involves filing a lawsuit to obtain a court order to foreclose, it is only used in special circumstances. The primary method of foreclosure in Maine is strict foreclosure. Strict Foreclosure The strict foreclosure process is based on Maine’s foreclosure doctrine in which the lender owns the property until the mortgage has been paid in full. If the borrower breaks any of the conditions established in the mortgage prior to the time the loan is paid in full, he or she will lose any right to the property and the lender will either take possession of the property or arrange for it’s sale. In either case, the borrower has either a three (3) month (post-1975 mortgages) or a twelve (12) month (pre-1975 mortgages) redemption period. If the lender has taken possession of the property, they must hold possession of it for the entire redemption period to finalize the foreclosure.

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