Maine Allows Expedited Foreclosure Of Abandoned Properties

more+
less-

On April 5, Maine Governor Paul LePage signed into law LD 1389, which expedites foreclosures on properties determined by a court to be abandoned by shortening the redemption period from 90 to 45 days. The bill also shortens the period of time within which an action can be filed to challenge the validity of a governmental taking of real property for nonpayment of property taxes from 15 to five years after the expiration of the redemption period. This shorter challenge period applies where the tax lien is recorded after October 13, 2014. The law takes effect 90 days after the legislative session adjourns.

Topics:  Abandoned Property, Foreclosure, Right of Redemption, Takings

Published In: Civil Procedure Updates, Finance & Banking Updates, Residential Real Estate Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© BuckleySandler LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »