Maine Foreclosure Listings Key Terms

Learn about some common terms associated with Maine foreclosure listings

By Jason Wood

Dealing with a Maine foreclosure listing is a little different than dealing with a regular real estate listing. Items such as the redemption period, type of foreclosure and amount of liens against the property are detailed. Take the time to learn a bit about some of these terms so that you can maximize your experience when working with Maine foreclosure listings. Here are some of those common terms along with a few resources to help get you started.

Strict foreclosure

Strict foreclosure is a term meaning that until the lender has been repaid in full, they technically still own the property. Therefore, if a borrower defaults, they may sell it. However, the lender must wait a certain amount of time before attempting to foreclose and sell.
Try: Visit Foreclosure Law.org for more information on the process of strict foreclosure and how it operates within the state of Maine.

Parties of interest

Parties of interest refers to all parties including the defaulted borrower, the lender, and any other lender, partial owner or municipality, which might have a claim to the property. Maine foreclosure listings will detail all of the parties involved in the foreclosure and the amount owed to each.
Try: Visit Foreclosure University for more information on how the parties of interes" are defined in accordance with Maine state law.

Lis pendis

The lis pendis is a document recorded in the county clerk's office, notifying the public that a property will be foreclosed upon. Maine foreclosure listings document the details of the lis pendis.
Try: Foreclosure.com has additional information on the lis pendis and how it is recorded in the state of Maine.

Power of sale

The power of sale refers to a clause within the mortgage that gives the lender the power to sell the property if the borrower defaults on the loan. This allows the lender to start the foreclosure process without obtaining an additional court order. A Maine foreclosure listings will detail whether a power of sale foreclosure or non-judicial foreclosure is occurring.
Try: Visit the Maine legislature website for a further discussion of the power of sale clause written into most mortgage documents within the state of Maine.

Notice of sale

The notice of sale must be mailed to the defaulted borrower by the lender. It informs the borrower of the pending foreclosure. The notice also must appear in a circulated newspaper for at least three consecutive weeks. Maine foreclosure listings will mention where the lender is in the process of disseminating the notice of sale.
Try: Visit Foreclosures.com for more information about how the notice of sale operates within the state of Maine.

Redemption period

The redemption period is the allotted amount of time that a defaulted borrower has to reclaim the property by obtaining another mortgage, or paying off the previous default amount inclusive of fees and penalties. A Maine foreclosure listing will provide the details of the redemption period.
Try: Solid Rock Investments has more information on the redemption period allowed within the state of Maine.