As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings.   [PL 2007, c. 596, §1 (NEW).]
1.  Administrator“Administrator” means the Superintendent of Consumer Credit Protection within the Department of Professional and Financial Regulation, except that “administrator” means the Superintendent of Financial Institutions with regard to a supervised financial organization as defined in Title 9?A, section 1?301, subsection 38-A.  

[PL 2007, c. 596, §1 (NEW).]

Terms Used In Maine Revised Statutes Title 32 Sec. 6192

  • Administrator: means the Superintendent of Consumer Credit Protection within the Department of Professional and Financial Regulation, except that "administrator" means the Superintendent of Financial Institutions with regard to a supervised financial organization as defined in Title 9?A, section 1?301, subsection 38-A. See Maine Revised Statutes Title 32 Sec. 6192
  • Bona fide purchaser: means any person acting in good faith who:  
A. See Maine Revised Statutes Title 32 Sec. 6192
  • Consideration: means any payment or thing of value provided to the foreclosed homeowner, including payment of or forgiveness of unpaid rent or contract for deed, land installment contract or bond for deed payments owed by the foreclosed homeowner prior to the date of eviction or voluntary relinquishment of the property, reasonable costs paid to 3rd parties necessary to complete the foreclosure reconveyance transaction, payment of money to satisfy a debt or legal obligation of the foreclosed homeowner or the reasonable cost of repairs for damage to the dwelling caused by the foreclosed homeowner. See Maine Revised Statutes Title 32 Sec. 6192
  • Contract: A legal written agreement that becomes binding when signed.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Foreclosed homeowner: means an owner of residential real property, including a condominium, that is the primary residence of the owner and whose mortgage on the real property is or was in foreclosure. See Maine Revised Statutes Title 32 Sec. 6192
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Foreclosure purchaser: means a person acting as the acquirer in a foreclosure reconveyance. See Maine Revised Statutes Title 32 Sec. 6192
  • Foreclosure reconveyance: means a transaction involving:  
  • A. See Maine Revised Statutes Title 32 Sec. 6192
  • interest: includes , but is not limited to, an interest in a contract for deed, a land installment contract, a bond for deed, a purchase agreement, an option to purchase or a lease. See Maine Revised Statutes Title 32 Sec. 6192
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Resale: means a bona fide market sale of a property subject to a foreclosure reconveyance by a foreclosure purchaser to an unaffiliated 3rd party. See Maine Revised Statutes Title 32 Sec. 6192
  • Resale price: means the gross sale price of a property upon resale. See Maine Revised Statutes Title 32 Sec. 6192
  • Residence in foreclosure: means residential real property consisting of one- to 4-family dwelling units, one of which the owner occupies as the owner's principal place of residence, when there is a delinquency or default on any loan payment or debt secured by or attached to the residential real property, including, but not limited to, a contract for deed, land installment contract or bond for deed, land installment contract or bond for deed payments. See Maine Revised Statutes Title 32 Sec. 6192
  • Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC
  • 2.  Bona fide purchaser“Bona fide purchaser” means any person acting in good faith who:  
    A. Purchases property from a foreclosure purchaser for consideration or makes a mortgage loan to a foreclosure purchaser or a subsequent bona fide purchaser as long as the person had no notice of:  

    (1) The foreclosed homeowner’s continuing right to possess the property;  
    (2) The foreclosed homeowner’s continuing legal or equitable interest in the property, including, but not limited to, the right to repurchase, or of any facts that may create an equitable mortgage; or  
    (3) Any violations of this chapter;   [PL 2007, c. 596, §1 (NEW).]
    B. Purchases property at a foreclosure sale; or   [PL 2007, c. 596, §1 (NEW).]
    C. Accepts a deed in lieu of foreclosure.   [PL 2007, c. 596, §1 (NEW).]

    [PL 2007, c. 596, §1 (NEW).]

    3.  Consideration“Consideration” means any payment or thing of value provided to the foreclosed homeowner, including payment of or forgiveness of unpaid rent or contract for deed, land installment contract or bond for deed payments owed by the foreclosed homeowner prior to the date of eviction or voluntary relinquishment of the property, reasonable costs paid to 3rd parties necessary to complete the foreclosure reconveyance transaction, payment of money to satisfy a debt or legal obligation of the foreclosed homeowner or the reasonable cost of repairs for damage to the dwelling caused by the foreclosed homeowner. “Consideration” does not include amounts imputed as a down payment or fee to the foreclosure purchaser or a person acting in participation with the foreclosure purchaser incident to a contract for deed, land installment contract, bond for deed, lease or option to purchase entered into as part of the foreclosure reconveyance, except for reasonable costs paid to 3rd parties necessary to complete the foreclosure reconveyance.  

    [PL 2007, c. 596, §1 (NEW).]

    4.  Foreclosed homeowner“Foreclosed homeowner” means an owner of residential real property, including a condominium, that is the primary residence of the owner and whose mortgage on the real property is or was in foreclosure.  

    [PL 2007, c. 596, §1 (NEW).]

    5.  Foreclosure purchaser.  “Foreclosure purchaser” means a person acting as the acquirer in a foreclosure reconveyance. “Foreclosure purchaser” also includes a person acting in a joint venture or joint enterprise with one or more acquirers in a foreclosure reconveyance. “Foreclosure purchaser” does not include:  
    A. A bona fide purchaser; or   [PL 2007, c. 596, §1 (NEW).]
    B. A natural person who is not in the business of foreclosure purchasing and has a prior personal relationship with the foreclosed homeowner.   [PL 2007, c. 596, §1 (NEW).]

    [PL 2007, c. 596, §1 (NEW).]

    6.  Foreclosure reconveyance“Foreclosure reconveyance” means a transaction involving:  
    A. The transfer of title to a residence in foreclosure, either by transfer of interest from the foreclosed homeowner or by creation of a mortgage or other lien or encumbrance during the foreclosure process that allows the acquirer to obtain title to the property by redeeming the property as a junior lienholder; and   [PL 2007, c. 596, §1 (NEW).]
    B. The subsequent conveyance, or promise of a subsequent conveyance, of an interest back to the foreclosed homeowner by the acquirer or a person acting in participation with the acquirer that allows the foreclosed homeowner to possess either the residence in foreclosure or other real property. For the purposes of this paragraph, “interest” includes, but is not limited to, an interest in a contract for deed, a land installment contract, a bond for deed, a purchase agreement, an option to purchase or a lease.   [PL 2007, c. 596, §1 (NEW).]
    “Foreclosure reconveyance” does not include a supervised loan subject to Title 9-A, Article 8-A or the federal Truth in Lending Act made by a supervised lender or supervised financial organization to refinance any existing mortgage.  

    [PL 2011, c. 427, Pt. D, §20 (AMD).]

    7.  Resale“Resale” means a bona fide market sale of a property subject to a foreclosure reconveyance by a foreclosure purchaser to an unaffiliated 3rd party.  

    [PL 2007, c. 596, §1 (NEW).]

    8.  Resale price“Resale price” means the gross sale price of a property upon resale.  

    [PL 2007, c. 596, §1 (NEW).]

    9.  Residence in foreclosure“Residence in foreclosure” means residential real property consisting of one- to 4-family dwelling units, one of which the owner occupies as the owner’s principal place of residence, when there is a delinquency or default on any loan payment or debt secured by or attached to the residential real property, including, but not limited to, a contract for deed, land installment contract or bond for deed, land installment contract or bond for deed payments.  

    [PL 2007, c. 596, §1 (NEW).]

    SECTION HISTORY

    PL 2007, c. 596, §1 (NEW). PL 2011, c. 427, Pt. D, §20 (AMD).