New Law Will Improve Foreclosure Process in Maine

Maine Attorney General Janet T. Mills applauds the enactment of Maine’s new law to improve the foreclosure process in Maine.

AG Mills Announces Meeting on Foreclosures Process in Maine

Maine Attorney General Janet T. Mills will be convening her Foreclosure Working Group on Thursday, November 14 at 3 PM in Augusta. The panel consists of members representing homeowners, mediators, counselors, realtors and financial institutions. The Working Group will meet to continue discussing residential foreclosures and what steps can be taken to improve the process

Michaud Bills Reforming VA’s Funding & Budgeting Cleared by House Committee

Today, the House Veterans’ Affairs Committee voted to approve seven omnibus bills, which incorporate thirty-four pieces of legislation addressing a number of issues, including the disability claims backlog, foreclosure protections for veterans, research and treatment of tinnitus, advanced appropriations, and Department of Veterans Affairs (VA) planning and budgeting


November 15, 2012 - (RealEstateRama) -- The Foreclosure Diversion Program (FDP) is considering implementation of a policy to address potential conflicts of interest for FDP mediators in the context of foreclosure diversion mediation.

New Home Foreclosure Starts Drop at Maine Banks and Credit Unions

December 28, 2011 - (RealEstateRama) -- Superintendent Lloyd P. LaFountain III announced this week that the Bureau of Financial Institutions’ third quarter survey covering first residential mortgage loans held by Maine’s 32 state-chartered banks and credit unions continued to show mixed performance. As such, there still is no clear trend or indication that the bottom has necessarily been reached.

Bureau of Financial Institutions Reports Mixed Results from Home Foreclosure Survey of Maine Banks...

June 24, 2011 - (RealEstateRama) -- Lloyd P. LaFountain, III, Superintendent of Maine’s Bureau of Financial Institutions reported mixed news from the first quarter survey covering residential mortgage loans held by Maine’s 32 state-chartered banks and credit unions

Foreclosure Diversion Cases to Stay at Bridgton District Court

January 10, 2011 - (RealEstateRama) -- Effective January 1, 2011, the Bridgton District Court will retain all of the foreclosure cases filed in Bridgton that are referred to the Foreclosure Diversion Program for mediation. Bridgton District Court will hold informational sessions and mediations. Previously, Bridgton foreclosure cases on the diversion track were permanently transferred to the Cumberland County Superior Court in Portland.

Attorney General Janet T. Mills Announces Reprieve for Homeowners

November 25, 2010 - (RealEstateRama) -- Attorney General Mills announced progress in her negotiations with GMAC Mortgage LLC and Bank of America regarding their foreclosure practices in Maine. GMAC has agreed that it will temporarily halt sales on homes that have been foreclosed on, pending further talks to resolve the Attorney General’s concerns about the company’s foreclosure procedures

Attorney General Janet T. Mills Funds Foreclosure Relief Efforts

Augusta, ME - November 22, 2010 - (RealEstateRama) -- Attorney General Janet Mills announced today that she is distributing $200,507 in foreclosure relief money from the Countrywide Financial Corporation settlement. The funds are being distributed to the state’s ten Community Action Programs based on the population of the areas they serve.

Maine Attorney General Janet Mills Joins Multistate Mortgage Foreclosure Group

Augusta, ME - October 18, 2010 - (RealEstateRama) -- Attorney General Janet Mills is joining a coordinated national effort by state regulators and Attorneys General to investigate the practice of so-called “robo-signing” in the mortgage servicing industry.The Mortgage Foreclosure Multistate Group, comprised of state attorneys general in 50 states and state banking and mortgage regulators in thirty states, including Maine, will investigate whether individual mortgage servicers have improperly submitted documents in support of foreclosures. Specifically, the group will look into whether companies misrepresented on affidavits and other documents that they reviewed and verified documentation supporting foreclosure actions. The group will also determine whether companies signed affidavits outside the presence of a notary public or committed other irregularities regarding residential mortgage foreclosures. (See attached joint multistate group statement)

Maine Homeowners Bring Class Action Lawsuit to Redress GMAC Foreclosure Abuses

October 4, 2010 - (RealEstateRama) -- Five Maine residents filed a complaint today against GMAC Mortgage, LLC (GMAC) on behalf of themselves and a class of Maine homeowners, alleging that the company routinely and systematically files false certifications that it has a right to foreclose on Maine homeowners, and false affidavits when asking courts to enter foreclosure judgments

Completed Home Foreclosures and Delinquent Mortgage Loans Decrease at Maine-Chartered Banks and Credit Unions

AUGUSTA, ME - September 21, 2010 - (RealEstateRama) -- Bureau of Financial Institutions Superintendent Lloyd P. LaFountain, III announced this week that second quarter 2010 data submitted by Maine state-chartered banks and credit unions shows a decrease in completed home foreclosures in Maine. Additionally, the number of delinquent mortgage loans declined for the second consecutive quarter.

Home Foreclosures Continue to Increase but Delinquent Mortgage Loans Decrease at Maine Banks and...

July 29, 2010 - (RealEstateRama) -- Bureau of Financial Institutions Superintendent Lloyd P. LaFountain, III announced this week that first quarter 2010 data submitted by Maine-chartered banks and credit unions shows a continuing increase in completed home foreclosures in Maine

Foreclosure Diversion Program Posts FDIC NPV Data

July 21, 2010 - (RealEstateRama) -- Pursuant to P.L. 2009, ch. 402, An Act to Preserve Home Ownership and Stabilize the Economy by Preventing Unnecessary Foreclosures, parties to foreclosure mediation must complete in full the Net Present Value (NPV) Worksheet developed by the Federal Deposit Insurance Corporation (FDIC). To complete the FDIC NPV, the parties are required to produce information about the borrower’s monthly gross income, terms of the original loan, status of the delinquent loan, property value, among other specific inputs related to projected costs of foreclosure.

Free Foreclosure Prevention Clinic This Thursday (July 22) in Sanford, Another in Bangor Next...

July 20, 2010 - (RealEstateRama) -- Professional & Financial Regulation - Consumer Credit RegulationThe Maine Housing Counseling Network with assistance and support from the Bureau of Consumer Credit Protection, US Department of Housing and Urban Development and the MaineHousing continues its series of free Foreclosure Prevention Clinics this Thursday afternoon and evening in Sanford. The fourth in this series will be held next month in Bangor. Others taken place this summer in Augusta and Portland.


Maine Real Estate & Development Association Names New President and Announces...

Paul Peck, attorney at Drummond & Drummond and real estate developer with LWS Development LLC is the new president of the Maine Real Estate & Development Association (MEREDA), a statewide organization of commercial real estate owners, developers and related service providers. Founded in 1985, MEREDA promotes responsible development and ownership of real estate in Maine through legislative advocacy, educational programs and professional networking opportunities.


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