Maine passed a bill repealing its strict foreclosure laws. Lenders previously had three 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.
Maine passed a bill repealing its strict foreclosure laws. Lenders previously had three 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.
