Are You Facing Foreclosure?
Now There Is Help!
The Maine Legislature passed a bill (LD 1418) to help Maine homeowners
stay in their homes. The new law does the following:
- Creates a mediation program for
people facing court action for
foreclosure. Mediation works with
the lender (for example, a bank or
mortgage company) and the home
owner to work out a plan. This
program is run by the courts. It is
available for residential properties
of 1 to 4 units where the foreclosed
home is the primary residence of the
owner – owner lives in the home or
apartment building.
- Requires that the lender bringing a
foreclosure action prove that it owns
the mortgage. This will make sure
that homeowners are working with
a lender that can actually approve a
new payment schedule.
- Requires that tenants receive notice
of foreclosure so that they have time
to find another place to live. These
rules cover tenants in commercial
residential properties and small, 1 to
4 unit properties.
The Bureau of Consumer Credit Protection
can help homeowners who get a notice that
they are behind on their mortgage payments.
The Bureau has a statewide hotline for
homeowners facing possible foreclosure.
By calling the hotline, homeowners will get
information about HUD-certified housing
counselors.
The Bureau of Consumer Credit Protection hotline number is 1-888-664-2569 (1-888-NO-4-CLOZ).
The hotline is staffed from 8:00 a.m. to 5:00 p.m., Monday – Friday. The Bureau’s
website has information and resources to assist homeowners facing foreclosure.
Most of these new rules are in effect now.
The court-run mediation program will be
available statewide by January 1, 2010.
More information:
Pine Tree Legal Assistance:
Foreclosure Prevention Toolkit
Maine State Housing Authority:
Foreclosure Eduation and Prevention
Making Home Affordable
(Learn more about applying for a loan modification under "the Obama plan")
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