MAINE FORECLOSURE LAWS

Judicial foreclosure is almost always used. This is another state that practices strict foreclosure. The lender may have strict foreclosure with or without possession. To obtain possession, the lender can do one of three things. They can obtain a writ of possession from the court, obtain written permission from the owner, or enter the property peacefully with two witnesses. Strict foreclosure without possession allows the lender to sell the property after winning a judgment in court.

Deficiency: Subtract fair market value from the amount owed to the lender. If the lender is still owed money, a deficiency can be obtained.

Redemption: If the loan was obtained prior to October 1, 1985, one year right of redemption. Loans obtained after that-three months.