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Maine Foreclosures - Bank Owned Real Estate - Maine Bank Homes
FORECLOSURES
Maine bank owned real estate and foreclosed bank home listings. The northeast state of Maine has a population of about 1,275,000. The largest cities in Maine to find bank owned real estate and auctions include Portland, Lewiston, Bangor, South Portland, Auburn, Brunswick, Biddeford, Sanford, Augusta and Scarborough. While searching for bank owned real estate listings in Maine, consider some of the vital statistics of the state. The largest city, by population is Portland, 64,249, the population of the state capital, Augusta, is 18,560, the size of Maine in square miles is 33,215, there are 21,000 miles of public highways in Maine, there are 2,000 coastal islands, the coastline is some 3,500 miles long, and there are 17,000,000 acres of forest. There are aspects of Maine that nearly everyone can enjoy. Maine could be an ideal location to find your bank owned property and call it home. Foreclosure activity in Maine has been increasing as in most other states.
In assessing the foreclosure and bank real estate market in Maine, an expert recently noted; Maine doesn't have the kinds of laws it needs to protect consumers from unscrupulous lenders. Predatory lenders use aggressive marketing, repeated telephone calls, bait-and-switch practices, and high fees and penalties to take advantage of people who are desperate or uninformed. The demographics are right for this in Maine. People are really squeezed, so they tend to go to their house as a piggy bank. The tools below will help you locate a bank owned home, condo or commercial property in Maine.
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Last Minute Shopping .com Click here for Bargain.com, home from $10,000 Massachusetts Bank Owned Buy or Sell your home with ZipRealty, and save $$$ Waterfront Real Estate RealtyTrac By Owner Real Estate
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Foreclosure is the legal proceeding in which a bank or other secured creditor sells or repossesses a parcel of real property due to the owner's failure to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust". Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property.

When the process is complete, it is said that the lender has foreclosed its mortgage or lien. There are unique legal factors to consider when buying bank owned property foreclosures, so be sure to consult with legal council prior to entering into agreements to purchase.

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Foreclosure and bank owned homes & mortgage auction info
Foreclosure Terms you should be familiar with:
Acceleration Clause - The clause in a mortgage or deed of trust that can be enforced to make the entire debt due immediately if the borrower defaults on an installment payment or other covenant.

Appreciation - The difference between the increased value of the property and the original value.

Bankruptcy - An action filed in a federal bankruptcy court that allows a creditor to reorganize or discharge credit obligations due to insolvency. A property owner may halt foreclosure action by filing bankruptcy. Bankruptcies remain on a credit record for seven years and can severely limit a person's ability to borrow.

Contingency - A specified condition that must be fulfilled before a contract becomes firm and binding.

Deed in lieu of foreclosure - A process whereby the owner, with the approval of the lender, deeds the property to the lender to avoid foreclosure. Lenders are generally reluctant to accept a "deed in lieu" unless the title is free and clear of any other encumbrances junior to theirs and the owners execute an estoppel affidavit acknowledging that they are acting volitionally, with informed consent.

Due Diligence - Such a measure of prudence, activity, or assiduity, as is properly to be expected from a reasonable and prudent man under the particular circumstance.

Equity Right of Redemption - The right to avoid foreclosure action by paying off the debts, interest, and fees that have accumulated on the property.

Fair Market Value - The amount at which property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of the relevant facts.

Foreclosure - A legal procedure whereby property used as security for a debt is sold to satisfy the debt in the event of default in payment of the mortgage note or default of other terms in the mortgage document. The foreclosure procedure brings the rights of all parties to a conclusion and passes the title in the mortgaged property to either the holder of the mortgage or a third party who may purchase the realty at the foreclosure sale, free of all encumbrances affecting the property subsequent to the mortgage.

Hypothecate - When you use something as security and still retain possession of it.

Instrument  - A legal written document.

Judicial Foreclosure - A foreclosure process which is executed via a court action.

B Junior lien - A lien that is subordinate or junior to a senior lien.

Lis pendens - A term meaning "legal action pending" that gives notice of an action or proceeding affecting the title of the property.

Mechanic's lien - A claim created by state statutes for the purpose of securing priority of payment of the price or value of work performed and materials furnished in erecting or repairing a building or other structure, and as such, attaches to the land as well as buildings and improvements erected thereon.

Mortgage - An interest in land created by a written instrument providing security for the performance of a duty or the payment of a debt.

Mortgagee - The entity, usually a bank or financial institution, who lends money to a borrower.

Mortgagor - The person who borrows the money from a lender to purchase a property.

Notice of Default (NOD) - A notice that is sent out by the lender when a mortgage payment is late in an attempt to cure or make the loan current.

Notice of Rescission - A legal document used when the defaulting party has cured or corrected the default.

Power of Sale - A clause commonly inserted in mortgages and deeds of trust that are in default, giving the mortgagee (or trustee) the right and power to advertise and sell the mortgaged property at public auction to satisfy the debt.

Pre-Foreclosure - Term used to discuss delinquent properties before they go to the foreclosure auction.

Quit Claim Deed - A deed of conveyance that releases any title, interest, or claim, which the grantor may have in the premises.

Real Estate Owned (REO) - Property acquired back by the lender after it has gone to auction.

Redemption Period - The time allotted to the mortgagor to reclaim his/her property after it has been sold at an auction. Not all states have a redemption period.

Second Mortgage - A second loan placed upon a property in addition to an existing first loan.

Sheriff's Sale - The sale of a property to satisfy a debt or judgment.

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