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Current Maine Mortgage News

 

Legislative Update:  Maine Repeals Strict Foreclosure Laws

Maine passed a bill repealing its strict foreclosure laws. Lenders previously had 3 options to foreclose a residential mortgage in Maine: foreclosure by civil action; foreclosure without possession; and foreclosure by possession. Under the amended law, lenders may only foreclose a residential mortgage by civil action. The bill becomes effective September 20, 2007.

 

Legislative Update:  Maine Modified Post-Sale Recording Requirements - Foreclosures

 Maine passed a bill requiring that the judgment of foreclosure and evidence of compliance with the notice of public sale and the public sale itself be recorded by a mortgagee following a foreclosure sale. The bill becomes effective September 18, 2007.

 

 

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News courtesy of mortgagefraudblog.com, allregs.com and a variety of other sources.