Our regularly updated Maine foreclosure listings provide an array of properties suitable for anyone's budget; they feature 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!
Bill Aiming to Help Foreclosure Victims in Maine - Apr 16, 2012
Llamas and Their Adopted Mother Facing Foreclosure - Mar 20, 2012
The States with the Highest Amount of Foreclosures are Holding out on the Mortgage Settlement - Feb 10, 2012
Strategic Defaults and Foreclosure - Jan 24, 2012
Anti-Foreclosure Occupy Movement Takes a New Turn - Dec 21, 2011
» See all recent news
Maine is situated at the tip of the northeastern region of North America with a total population of only 1,328,361 people, which makes this state quite small in comparison to others in the U.S. The state's major cities include: Augusta (the state capital), Portland (being its largest city), Caribou, Gardiner, Bath, Belfast and Waterville. Besides cities, the state’s 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, the middle-class families who generally hold college degrees and work in management and, finally, 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 also features a number of shopping strips, along with several available tours that provide visitors and residents with a general impression of Maine’s largest city.
Since Maine is situated along the coastline, the state has a strong commercial fishing industry, with a high rate of lobster caught annually. Other regular catches 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 as well, 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 available in the state’s prospective housing market. In Portland, average housing prices sit at $210,300, while the average price for a home in Belfast is roughly around $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 by a court of law. 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 is also given a set amount of time in which to respond to the charges by either contesting them or taking no action against them. If the court rules that the homeowner is 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 also be postponed for no more than one week. If it must be postponed for any longer, an entirely new sale must be scheduled.
A foreclosure sale is usually conducted in the style of a public auction. Anyone may bid on the property, including the lender, with the property always being 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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