Maine Foreclosures - 1,426 Foreclosure Listings

Foreclosure Homes in Maine

There are currently foreclosed homes listed in Maine. Why should you consider buying a foreclosure property in Maine? To save money, of course! That’s right, purchasing a foreclosed home can save you as much as 50 percent or more on the final sale price of a distressed deal in Maine when compared to a traditional single-family house. We’ve also got awesome deals on top of incredible foreclosure deals, from rent-to-own homes, short sales and preforeclosures in Maine, as well as bankruptcy filings and government-owned foreclosure listings such as HUD, Fannie Mae and Freddie Mac, among others. Just select the county in Maine that you want to look for a property below. Then search through all distressed real estate listings in Maine for the amazing deal that’s right for you.

Maine Foreclosure Laws

Maine primarily relies on judicial foreclosure, so the lender must go to court before the property can be sold. Home loans are usually secured by mortgages. Because the process is court-based, foreclosures often take many months or longer. Deficiency judgments may be allowed if the sale price does not cover the total amount owed.

Foreclosure Type Process

Judicial
Mortgage Instrument Security Type

Mortgage. Deeds of trust are not typical.
Typical Timeline Duration

9-12+ months
Deficiency Judgment

Deficiency judgments prohibited
Redemption Period Owner Rights

90-day redemption is typical statutory period.
Process Summary

Maine requires judicial foreclosure. The lender must obtain a court judgment, and borrowers typically have a redemption period before sale.
Notice / Timing Statute

Maine Revised Statute Title 14, § 6321 et seq. (judicial foreclosure process)
Redemption Statute(s)

Maine Revised Statute Title 14, § 6324 (redemption period 18 months or 90 days)
Deficiency Statute(s)

Maine Revised Statute Title 14, § 6324 (no deficiency after foreclosure)

How to Buy a Foreclosure in Maine

In Maine, locate foreclosure properties through county sheriff' sales, MLS, and court dockets. Maine' judicial foreclosure process includes redemption opportunities. Arrange financing ahead of auction. Perform a title search and inspect where possible. Bid at the scheduled sale and complete necessary documentation.

What type of foreclosure is used in Maine?

The type of foreclosure in Maine is Judicial

Is there a redemption period in Maine?

90-day redemption is typical statutory period.

Are deficiency judgments allowed in Maine?

Deficiency judgments prohibited in Maine

How do you buy a foreclosure in Maine?

In Maine, locate foreclosure properties through county sheriff' sales, MLS, and court dockets.