Maine Foreclosure Process (The Secret)

In you are a struggling homeowner and are about to go into Foreclosure I have some good news if you live in Maine. The Great State of Maine is a Judicial Foreclosure State!

This might seem odd. Why is a Civil Lawsuit a GOOD THING?

Well it is if you realize that 98% of Foreclosure filings are being conducted by “Pretender Lenders”! In order to LAWFULLY and Contistutionally bring forward a Complaint of Foreclosure the Plaintiff must be the INJURED PARTY! In most Foreclosure cases in history, the Bank who didn’t get paid their loan back by a borrower who signed a Promise to Pay (The Note) was considered the injured party, and had Constitutional Standing as the Injured Party.

That was in the “good old days of banking”. Fast forward to the year 2001, where 99% of mortgages have been SECURITIZED or pooled into groups of other mortgages and sold on a stock exchange. The Promissory Notes are usually lost or destroyed or simply not Endorsed and Sold correctly according to the Holder in Due Course Doctrine. This standard industry practice enabled lenders like Countrywide, Citibank and Bank of America make Trillions of dollars worth of mortgage loans on the secondary market because Government Sponsored Entities like Fanni Mae and Freddie Mac purchased these Mortgage Backed Securities. Unfortunately, for these “Lenders” who are actually servicers, they cannot lawfully Foreclose on homes when they DON’T POSSESS THE NOTE as the Lawful Holder. The real Note Holder is some investor in a Securities Pool and not even Fannie/Freddie/Pretender Lender.

This is complicated so I will break it down like this:

  • If a Loan Modification has failed, a Short Sale is not an option then the your only other option is to file a Qualified Written Request(QWR) to dispute the debt. This will give you leverage because the “Lender” trying to initiate Foreclosure is most likely the “Servicer” and they lack Constitutional Standing to bring forth a lawsuit. Ideally, the QWR will prevent the Servicer from initiating foreclosure and give the homeowner much need leverage in negotiating better loan terms.
  • Maine has a Judicial Process unlike states like California and Mass. where lenders can skirt by Due Process and unlawfully take homes from struggling American Citizens.

Feel free to contact us to discuss this process.

Disclaimer: We are not Attorneys and do not provide legal advice.

2 Responses

  1. My husband and I are faceing fourecloser on our home. We want to keep it and want to still makebpayments but the bank wint take any payments sence July 2012. Can you help up?

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