Maine Foreclosure

The Maine foreclosure process is based on the fact that in Maine the lender owns the property until you, the borrower, have paid the loan in full. If you break any of the conditions that are listed in the mortgage, you will lose the right to possession of the property.

You will be given a redemption period that can be either 3 months if you got your mortgage after 1975 or 12 months if your mortgage is from 1975 or earlier. The redemption period is the amount of time during which you can get your house back by paying the full amount of what's owed on the house.

Once you lose the right to possession of the property, the lender can do one of two things with it:

1. It can arrange for the sale of this property. To do this, it must file a law suit at the county courthouse. It must also wait for the redemption period to come to an end before it can sell the property. Even then, it must follow procedures set forth by the court.


2. It can take possession of the property. If the lender takes possession of the house, it has to maintain possession of the house for the full redemption period before it can complete the foreclosure.