Maine · ForeclosureMaine foreclosure deficiency: the appraisal limit, the report-of-sale deadline and the surplus

After a Maine foreclosure sale the mortgagee deducts the sale expenses, disburses the rest as the judgment directs, files a report of the sale and mails a copy to the mortgagor; any party can contest the accounting by motion within 30 days, for money only (14 M.R.S. §6324). Any deficiency is assessed against the mortgagor and the court issues an execution for it – but if the mortgagee was the purchaser at the sale, the deficiency is limited to the difference between the sum due with interest plus sale expenses and the fair market value of the premises at the time of the sale, as established by an independent appraisal (§6324). The report of sale must be filed within the earlier of 90 days after the sale and 45 days after the mortgagee delivers the deed, unless the court extends it for good cause; a mortgagee that fails to file it on time has no right to seek a deficiency judgment (§6324). Any surplus is paid to the mortgagor or successors, or held by the clerk for 6 months if the mortgagor didn't appear (§6324).