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Given the recent turmoil within the mortgage markets and the escalating foreclosure rates nationwide (FYI: In the 4th quarter of 2006 Maine’s foreclosure rate was at 4.9% or 21st in the nation) here is a layman’s explanation of the foreclosure process in Maine. Lender gives a notice of default to the borrower at which time the borrower then has 30 days to pay past amounts due and reinstate the loan. At this point if the borrower has not paid, the lender begins foreclosure. A lawsuit is filed and the borrower has an additional 90 days to pay all amounts past due. At the expiration of this period the lender may foreclose, file a notice of sale and have a public auction 30-45 days after the first notice of sale advertisement is published in a local newspaper. The entire process takes approximately 9 months to complete. Before notice of default is filed the current owners can sell their property at anytime. After notice of default is filed all offers need to be approved by the lender. |
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