Maine Foreclosure Bill Dies in Committee, Sent to AG for Further Study

2013-06-25

Issue Brief

In 2005, ARDA-ROC and ARDA-New England passed non judicial foreclosure legislation in Maine. This law remains in place and continues to be used successfully by Maine-based timeshare homeowners' associations. A few years ago, a Maine law (forfeiture by possession) that provided timeshare HOAs a less expensive, if slower, foreclosure process for non-performing weeks was repealed.

This year, an amendment was introduced to LD 807 which would put back into Maine law the foreclosure by possession procedure, giving timeshare associations another option for foreclosing assessment liens.
 

Impact

Given the high cost of foreclosures, it is vital to preserve foreclosure procedures that save timeshare homeowners’ associations both time and money.

Position/Call to Action

ARDA-ROC did not take an official position on the bill, but continues to generally support any legislation that provides Maine-based timeshare HOAs a broader range of foreclosure options. That being said, ARDA-ROC worked with elected officials to ensure that the proposed amendment did not negatively impact current non-judicial foreclosure provisions ARDA-ROC and ARDA-New England passed previously in 2005.

Resolution

LD 807 died in the Judiciary Committee due to concerns related to past abuses of these provisions in residential real estate foreclosures.  The amendment was sent to the Office of the Attorney General for further study.  ARDA-ROC will continue to be engaged on this issue.  
 

Search Issues

  • Browse by Classification or Topic