Our regularly updated Maine foreclosure listings provide an array of properties suitable for anyone's budget, featuring the latest Maine home foreclosures for sale, along with numerous repo homes.
Search through the best listings of foreclosures in Maine. We provide foreclosed homes and auctions in the major Maine cities. Choose a city and fing an excellent deal for you!
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Maine is situated at the tip of the northeastern region of North America, with a total population of 1,328,361 people. The state's major cities include Augusta (the state capital), Portland (being its largest city), Caribou, Gardiner, Bath, Belfast and Waterville. The most populated counties in the state include Penobscot County, York County, Oxford County and Cumberland County. The overall number of counties situated in the state contributes to a total of sixteen.
Portland's demographic statistics indicate three major groups within the city, which include the low-income earning singles who live in urban or rural areas, along with middle-class families who generally hold college degrees, working in management level roles or similar, followed by the upper-class. The average household income sits at nearly $36,650, with the rate of married couples sitting at just below 42 percent. Portland is host to a variety of regular events around the city, such as the Maine Roller Derby, the Alive at Five concert series, kids' activities and the Old Port Festival. Portland's downtown district features a number of shopping strips, along with a number of tours providing visitors and residents with an opportunity to take in the scenery and get the most out of what the city has to offer, along with its numerous hotspots.
With Maine being situated along the coastline, the state maintains a strong commercial fishing industry, with a high rate of lobster caught annually. Other regular catch include clams, mussels and crabs, along with haddock, sea herring and flounder. The agriculture industry garners a large amount of revenue due to a predominant livestock production, with a high production rate of eggs and milk. Cattle, calves, turkey and sheep also contribute greatly to the industry. Paper and cardboard are important sectors of the manufacturing industry, along with the production of computer parts and equipment. The mining industry accounts towards the production of gravel, sand and limestone in generous amounts, along with other materials such as clay, granite and garnet.
Maine foreclosures are currently in a prospective housing market, with average house prices sitting at $210,300 in Portland, and prices in Belfast listing at roughly $215,000. Maine home foreclosures attribute to a small amount of overall sales, though with trends leaning towards decreases in prices, these percentile rates should increase over time.
In the state of Maine, the right to foreclose is decided on a judicial basis. State law, however, does allow for "strict foreclosure" (which allows the lender to pursue a foreclosure sale on their own) once the court has reviewed and sanctioned foreclosure on a defaulted borrower (homeowner).
To begin the process of foreclosure, a lender must file the appropriate documents in court. The homeowner in default has a specific period of time in which to respond to the charges by either contesting them or taking no action against them. If the court rules the homeowner in default, the lender may be allowed to pursue a strict foreclosure.
A strict foreclosure is based on the grounds that under Maine foreclosure law, the lender legally owns a mortgaged property until the full mortgage loan has been paid off. If the homeowner is found to be in default on a loan payment, they surrender all rights to the property. The lender may then repossess the property and arrange for a foreclosure sale.
This foreclosure sale may not take place until 90 days have passed after the initial court ruling. During this time period, the homeowner has the opportunity to redeem ownership rights and reinstate their mortgage by paying the default amount due.
Before a foreclosure sale takes place, the lender must publish a Notice of Sale in a weekly newspaper for no less than a period of three weeks before the sale date. The sale may be postponed for no more than one week. If it must be postponed for any longer, an entirely new sale must be scheduled.
The foreclosure sale is conducted in the style of a public auction. Anyone may bid on the property, including the lender. The property is awarded to the highest bidder. Ordinarily, the winning bidder has to provide a deposit immediately, and can pay off the remaining balance within the next 30 days.
The original homeowner is entitled to a redemption period depending on the year in which their mortgage was first instated. For mortgages issued before 1975, the homeowner is allowed a three-month redemption period. For mortgages issued after 1975, the homeowner is allowed a 12-month redemption period.
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