Maine Foreclosure
Maine follows judicial Foreclosure alone. But Maine foreclosure doctrine provides for a unique system called as strict foreclosure. Deficiency judgment and right of redemption are available to respective parties. Timeline is typically 90 days and the document of security is mortgage. Strict foreclosure lets lenders own the property till mortgage is completely paid. Incase of default lender can take possession or sell of the property. Borrower has three months time to redeem it (pre 1975 mortgages) or 12 months (post 1975 mortgages). Lender can not sell the property till the completion of the redemption and filing a suit in the court that sets out a special procedure. Deficiency claim is limited to the difference between the amounts due to the lender and the appraised, fair value of the property.
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