How does foreclosure work in Maine?
Maine uses a judicial foreclosure process. The homeowner can sell the home and keep the equity until the 90-day post-judgment redemption period expires (paying off the judgment amount from sale proceeds). After redemption expires, ownership is lost, but if the foreclosure auction later brings more than the debt plus costs, the surplus must be paid to the former homeowner under 14 M.R.S. §6324.
Can you catch up and keep your home?
Statutory right to cure: before accelerating or foreclosing on a payment default, the mortgagee must give written notice and the homeowner has at least 35 days after the notice is given to pay all past-due amounts; timely payment restores all rights under the mortgage as though no default occurred.
Until when can you sell and keep your equity?
The homeowner can sell the home and keep the equity until the 90-day post-judgment redemption period expires (paying off the judgment amount from sale proceeds). After redemption expires, ownership is lost, but if the foreclosure auction later brings more than the debt plus costs, the surplus must be paid to the former homeowner under 14 M.R.S. §6324. See your exact dates with the free Maine Foreclosure Deadline Calculator.
The honest math on a Maine foreclosure
Every day you carry the loan, arrears, fees, and interest grow. A traditional listing takes weeks to market and 30–45 more days for a financed buyer to close — time you may not have before the sale date.
A cash sale that closes before the sale date lets you walk away with your equity instead of losing it at auction. Talk to a free HUD counselor too — you may have options beyond selling.