Foreclosure assistance and mortgage help in Maine.
Find assistance and help with paying your mortgage in all areas including Portland. Foreclosure assistance is also available. Maine also offers a foreclosure mediation program.
Mortgage Relief Initiative
The Mortgage Relief initiative was created to help those that live in the New England area, including Maine families. The banks that participate in the mortgage assistance program have grown from five regional banks to almost fifty banks of every type and size, and they have branches that are located throughout much of the New England area, including Maine.
The banks that are part of this help program are a safe, secure, and knowledgeable place to talk about both your credit needs and financial situation, and they will do so with expertise and respect.
Whenever possible, the participating banks in this Mortgage Relief program will help qualified Maine homeowners refinance their mortgage into a standard mortgage that will better help meet their financial situation and needs. This will help them lower their bills and monthly payments, and help them save money in the long term.
Who Can This Program Help?
This program will help many of those homeowners that have a high interest rate, if their mortgage resets, or those homeowners who have nontraditional mortgage loans who are having difficulty with paying their mortgage. It will even help those who may expect to have difficulty in the future.
The banks that are currently participating in the Mortgage Relief Initiative, which include Sovereign Bank, Citizens Bank (dial 1-888-411-1145), Webster, TD Banknorth, Bank of America, and all of those banks that are also part of the Massachusetts Bankers Association. These banks have committed to:
- pledging to contact those borrowers that have a high interest rate mortgages with non standard and difficult payment terms;
- expanding their roll out and use of various mortgage assistance programs that may help many mortgage borrowers that have limited equity in their homes. The programs that can help include programs like Federal Housing Authority loans (FHA), and it can also include mortgages that are guaranteed by state agencies;
- reduce the number of foreclosures in Maine;
- designating one or more go to lenders that will assist borrowers with exploring their various mortgage relief options;
Unfortunately this Mortgage Relief initiative can’t help every borrower in Maine. In particular it may not be able to help those borrowers that may be seriously delinquent on their mortgage payments, those who may be facing imminent foreclosure on their homes, and it may not be able to help those borrowers who owe far more on their current loan than the current value of their home because prices have fallen. However, the federal government HAMP program may help if you are upside down on your loan. Dial (800) 452-466 to learn about the banks involved, or other options.
Maine Foreclosure Diversion Program
The goal of this program is to assist lenders and homeowners in achieving an agreeable resolution to a mortgage foreclosure filing. It is a form of mediation, in which both parties meet with a neutral third party. Learn more on the Maine Foreclosure Diversion Program.
Maine’s Foreclosure Prevention Program
The Bureau of Consumer Credit Protection in Maine has signed several contracts with agencies, non-profit organizations, and charities around the state to provide free foreclosure counseling. Homeowners who are struggling with keeping up with their mortgages, or who may currently undergoing a foreclosure can contact any of these agencies for advice. Click here to find further information on this Maine foreclosure assistance program that can assist homeowners across the state.
Mortgage help for the unemployed in Maine
The federal government is providing funds to the state of Maine to help people who have lost their jobs or who have had a reduction in their income. Click here to learn more on the Maine emergency loan program.
Non-profit foreclosure counseling
The federal government HUD agency has certified various non-profits in Maine as part of their HUD counseling agencies. Individuals can be referred to numerous mortgage and foreclosure programs from the services offered by these locations in Maine. Read more on free HUD counseling in Maine.