If you are facing foreclosure in Maine, it’s important to understand some of the basics, including:
- the most common type of foreclosure procedure (judicial v. nonjudicial) used in Maine
- how much time you have to respond
- your rights and protections in the process, and
- what happens afterwards (for example, whether you’ll be liable for a deficiency judgment).
Below we have outlined some of the most important features of Maine foreclosure law. Keep in mind that this is just a summary; we’ve included statute citations so you can get more details from the laws themselves. And be sure to check out Nolo’s extensive Foreclosure section, where you can find information about all aspects of foreclosure, definitions of foreclosure terms (like redemption and reinstatement), and options to avoid foreclosure.
|Common type of foreclosure process||Judicial|
|Time to respond||Homeowner has 20 to 30 days to respond after being served with summons and complaint. After the court issues a foreclosure judgment, and within 90 days after the redemption period (see below) ends, foreclosing party must publish notice of public sale for three consecutive weeks. Sale must be held 30 to 45 days after date of first publication. Foreclosing party must also mail a notice of sale at least 30 days before sale date.|
|Reinstatement of loan before sale||Court can issue a conditional judgment if foreclosing party proves homeowner has defaulted on payments. After judgment is issued, homeowner has two months to reinstate and can get a two-month extension of this right. Also, lender, in its sole discretion, may let homeowner reinstate the loan any time before the sale.|
|Redemption after sale||On mortgages executed before October 1, 1975, redemption period is one year from the date of the judgment. On later mortgages, redemption period is 90 days from the date of the judgment. Period begins when foreclosure judgment is entered, unless homeowner appeals it. Me. Rev. Stat. Ann. tit. 14, § 6322|
|Special protections for foreclosures involving high-cost mortgages||Law allows for damages and for assignee liability but doesn’t appear to provide a defense to foreclosure itself. Me. Rev. Stat. Ann. tit. 9-A, §§ 8-103(1-A), 8-206-A to 8-206-G.|
|Special state protections for service members||Me. Rev. Stat. Ann. tit. 37-B, § 387|
|Deficiency judgments||Allowed with some limitations|
|Cash exempted in bankruptcy||$6,400 for one person, $12,800 for a married couple|
|Notice to leave after house is sold||No special provisions for evictions following foreclosure. New owner will likely have to go to court to get an eviction order. Court-ordered evictions usually take two weeks to a month, depending on whether or not former owner responds to the lawsuit.|
|Foreclosure statutes||Me. Rev. Stat. Ann. tit. 14, §§ 6101 to 6325|