Maine Foreclosures

Maine Foreclosures Overview

In Maine, the home foreclosure process can take upwards of 1 year to complete. Buyers often think they can get a great deal at a foreclosure auction but in reality these great deals often do not exisit primarily because the bank holding the1st lien on the property is required my law to bid a minimum of 70% of all total liens outstanding on the property.

So what is a Maine Foreclosure?

A forclosure is a property that is now owned by a bank or a private investor whom has taken legal action to forcibly take the home back from the party whom recieved the loan who did not uphold their end of the bargain in repaying their loan.

The prices on foreclosures are often so cheap because they need a ton of work, ultimately you generally get what you pay for. Banks sell the foreclosed homes in "as is" condition with no disclosure on if anything works and thus it is extremely important that you get a strong Maine buyers agent and also affiliate yourself with a knowledgeable home inspector prior to delving into this sort of property.

Finding Foreclosed Properties

Where does one locate foreclosures for sale in Maine. The lionshare of all foreclosures end of being listed just as normal properties do on the MLS system nowadays. Searching on any of the national sites or MaineListings.com are a great place to start. Affiliating with an Maine broker who can set you up with a Maine auto property search is also a great way to go. Please contact me at john@greentreemaine.com or sign up for a buyers packet to get started.

Overview of the Maine Foreclosure Process

• Lender gives a notice of default to the borrower at which time the borrower then has 35 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 9-12 months to complete.

Thanks for reading about the Maine foreclosure process.