Finding Foreclosure Help in Maine

Finding Foreclosure Help in Maine

Foreclosure prevention counseling services are provided free of charge by nonprofit housing counseling agencies working in partnership with the Federal Government. These agencies are funded, in part, by HUD and NeighborWorks® America. There is no need to pay a private company for these services.

Bangor Field Office

Margaret Chase Smith Federal Building
202 Harlow St., Suite 101
Bangor, ME 04401-4919

Phone: (207) 945-0467

Fax: (207) 945-0533

TTY: (207) 945-0401

Jurisdiction: State of Maine

William D. Burney
Field Office Director

Office Hours: 8:00 a.m. to 4:30 p.m.
Monday through Friday

Maine Foreclosure Laws Summary

Quick Facts:

Judicial foreclosure process is available.
Non-judicial foreclosure process is not available.
The primary security instruments are mortgages.
The timeline can vary by process, typically 90 days.
The borrower has rights of redemption.
The lender may sue for deficiency judgements.
Lenders in Maine may foreclose on mortgages in default through a judicial process or a strict foreclosure process.

Strict Foreclosure

In this type of foreclosure, the property belongs to the lender for the duration of the mortgage. As long as the borrower settles all of his debts, the property will be returned. But if any conditions of the agreement are broken before the debt has been paid, the property permanently become owned by the lender. He may choose to keep it or put it up for sale.

Whatever the lender chooses to do, the borrower has a 3-month (post-1975 mortgages) or 12 month period (pre-1975 mortgages) to reclaim the property. The lender must hold on to the property for the entire duration of the redemption period for the foreclosure process to be finalized. If the lender wishes to sell the property, he must first file a lawsuit and wait for the redemption period to pass before continuing with the sale.

Deficiency suits may be filed but is limited to the difference between the fair market price and the remaining balance of the loan.

Judicial Foreclosure
The strict foreclosure process is the main method used in Maine, but the judicial process may be used under special circumstances.