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Maine Real Estate Foreclosure auction?

On January 6, 2008 / By Real Estate Law Help / In Maine-Real-Estate-Law / 1 Comment

ok so here is the situation, a friend of mine is going thru the foreclosure process and his property is scheduled for auction on June 19th, 08. There are a lot of holes in the process (legally) as far as our state laws go and I think that he is being taken advantage of. He signed a contract with the auction company but the fees are being paid by the bank’s representative. He was not notified in writing about the time/date of the auction. Not even sure if they have actually advertised a public notice of the sale which they are supposed to do per the state laws here unless that was waved because he signed a contract with the auction company. Could he stop the process right now seeing that he signed the contract and make the bank start the process sort of over as far as the auction end of things. I’m thinking that he would have the right to cancel the auction cuz he signed the contract but im not sure. Obviously this would most likely make the bank unhappy and he may be forced out sooner