Legal Question in Real Estate Law in Maine

real estate

is there any protection from having a property taken away because of not being able to make mortgage payments due to illness,disability,death,or loss of income


Asked on 10/25/07, 9:44 am

1 Answer from Attorneys

Jerome Gamache Ainsworth Thelin & Raftice, P.A.

Re: real estate

Disability insurance or mortgage insurance are the 2 most likely sources of help in such a situation, but are also not commonly obtained by a borrower. There is no Federal or Maine statute designed to provide actual "protection" as such when you go into foreclosure, even if for legitimate medical hardship reasons.

There are resources available such as Consumer Credit Counseling which may be able to work with your creditor. You may also consider filing for personal bankruptcy to clear away unsecured debt and get a "fresh start". This option would temporarily stop a foreclosure.

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Answered on 10/29/07, 1:39 pm


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