For many, home ownership is the American Dream. Throughout Maine, people are recognizing that dream when they buy their first home. You may be considering buying a subsequent home—trading up to a larger home, for a growing family, or going smaller to downsize after retirement.
Sometimes homeowners find themselves in trouble due to layoffs, divorce, an illness or other unexpected development. They may fall behind on their mortgage payments, and foreclosure looms. Maine currently has one home in foreclosure for every 3,592, with more than 20% of houses in the state vacant. Are you one of them?
You may be considering bankruptcy as an option to keep your home until you can get back on your feet. Foreclosure and litigation may also be in your future, and you could lose your home. That’s when it’s time to call a Maine real estate attorney for help.
Losing Your Home Is Not A Requirement
If you’ve been told you’ll lose your home in bankruptcy, talk to us.
The state of Maine has precise rules and conditions for foreclosures. If a lender doesn’t follow the rules, you, as a homeowner, have legal options to seek protection.
Lenders and mortgage companies are required to notify delinquent homeowners of various options available to prevent foreclosure and loss, as well as negotiate with homeowners who are having trouble making timely payments. Even if you are in default, you have the right to work with your lender to bring payments up to date before they bring foreclosure proceedings.
If You’ve Received A Notice
You’ll have 20 days to answer the court after receiving a Notice of Foreclosure and a Foreclosure Complaint and Summons—call our Gorham Maine law office immediately! Ignoring it will not make it go away—you’ll lose your home. We can open mediation discussions and provide foreclosure defense to avoid going to court and work on helping you keep your home.
Some of the options that may be available include:
- Working with your lender on a loan modification
- New, updated repayment plan
- Lowering the monthly payment
- Temporary changes to help catch up (i.e., lowering your interest rate)
- Bankruptcy as a possibility, since it would put an automatic stay on foreclosure proceedings
- Selling the property if no other options are available
Maine’s Foreclosure Diversion Program (FDP) offers additional options to help you keep from losing your home.
Other Real Estate Litigation Issues
Foreclosure may not be the only problem you have with real estate. Even if you own your property outright, you may be dealing with:
- Adverse possession, or “squatter’s rights,” people living on your property without the right to be there
- Easements, allowing use of your property
- Purchase and sale agreements
- Title defects, such as errors and omissions
- Title Fraud
- Breach of Contract
- Boundary Disputes
If you’re facing any of these real estate issues, our Gorham Maine real estate attorney can help. We have over 25 years of experience working with real estate litigation and will work with you to resolve it with the most equitable solution.
Your Gorham Maine Real Estate Attorney
Facing home foreclosure is not something you should handle on your own. For more than 25 years, Peter W. Evans has helped Mainers with their various real estate law issues. Mr. Evans gives each client and case personal attention to resolve nearly any kind of real estate litigation problem. Call (207) 747-5114 today or contact us online to make an appointment.