How to Buy Maine Foreclosures

The State of Maine largely follows a judicial procedure of mortgage foreclosure. After the owner of the property is served with the notice of default, it can take no less than six months before the property is up for sale at the public auction of foreclosure sale.

If the foreclosure property does not sell at the auction, it becomes Real Estate Owned. Properties are best bought during the preforeclosure stage as they are, by and large, cheaper at that stage.

In Maine, a deficiency judgment is not made available to the lender if a foreclosure property sells for lesser than the primary mortgage amount at the public foreclosure auction sale.