Under the Maine foreclosure law, the foreclosing party (lender) has to send a notice to the borrower at least 35 days within the commencement of the foreclosure process.
- Once the court has issued a foreclosure order on the property, the lender has to publish a notice for the public sale of the property in less than 90 days from the end of the redemption period.
- The borrower is entitled to the right to reinstate the foreclosure within 35 days from receiving the notice.
- In some instances, under sole discretion, the borrower may also be allowed to reinstate the loan before the property is sold.
You can find more about foreclosure types here
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How to prevent foreclosure?
To prevent foreclosure one can seek a counselor to get directed better on how to proceed in these situations. But never ever ignore notices from law courts .
