Maine Foreclosure Process

The Maine foreclosure process can be a stressful time if you have missed payments on your mortgage agreement. It is best to remain in contact with your lender and keep them up to date with your financial situation and your intentions with the loan and the property. This will help you have a foreclosure on your credit.

The Maine foreclosure process can take as long as 1 year but can happen as quickly as 4 months if the lender acts quickly. If you intend to keep your home then get caught up on the payments and don’t miss another one. If you cannot keep your home and you know it then there are options and the lender will work with you during this process.

The first thing the lender will want to do is for you to try to sell your home. If you have a difficult time selling it they may allow you to do a short sale. During this process the bank will set a date to sell the property at a public auction as a standard part of the Maine foreclosure process. If you cannot sell your home at all you can talk to the bank about a deed in lieu of foreclosure which will allow you to sign the title back over to the lender and avoid having a foreclosure on your credit. Some lenders will allow for you to do this and others will not.

During the Maine foreclosure process the lender will try to contact you on a daily basis to see where you are with your financial situation. The best thing that you can do is remain in touch with them and exercise all of your options that they give to you. When you show the bank that you are doing everything that you can they will be less likely to be so hard on you if you have to lose it.

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