Maine
Maine Q: Does my state have tax sale surpluses & what is done with the surplus?
A: Yes. Sale proceeds. When the property is subject to a security interest, mortgage, lien, encumbrance or other interest which is subordinate to that of the judgment creditor and which is recorded, possessory or of which the judgment creditor has actual knowledge, which secures the payment of any indebtedness, the judgment creditor shall remit the excess of any sale proceeds over the amount owed on the judgment, costs and interest through the sale date, plus the expenses of sale, to the holder of the interest up to the amount of the indebtedness. The judgment creditor shall remit to the 3rd party any exempt portion of the sale proceeds subject to the 3rd party's interest. The judgment creditor shall remit any further excess, plus any exempt portion of the sale proceeds which is not subject to a 3rd party interest, to the judgment debtor and shall be entitled to any deficiency.
Q: Does my state have mortgage foreclosure surpluses & what is done with the surplus?
A: Yes. §6203‐A. Power of sale; procedure; notice; form At said public sale, the mortgagee may bid and may purchase any real estate sold at such sale, providing that the mortgagee is the highest bidder. If the real estate is sold for an amount in excess of the outstanding balance of the mortgage together with all interest and costs, said excess shall be used to satisfy any other encumbrances on said property and after all said encumbrances shall be satisfied together with all interest and costs, any excess then remaining shall be paid to the mortgagor. If the mortgagor or any person holding an encumbrance cannot be found after a diligent search, the money shall be paid into the Superior Court in the county where the land lies for the benefit of the mortgagor or the holder of any such encumbrance.
Q: How long can I collect overages in Maine before finder’s fee caps apply?
A: 1 year 1. Presumptive abandonment periods. Property is presumed abandoned if it is unclaimed by the apparent owner during the times, as follows for the particular property: K. Property held by a court, government, governmental subdivision, agency or instrumentality, one year after the property becomes distributable;
Q: Which office should I contact for tax sale overages?
A: Local tax collectors/constables.
Q: Which office should I contact for mortgage foreclosure overages?
A: Sheriff/Clerk.
A: Yes. Sale proceeds. When the property is subject to a security interest, mortgage, lien, encumbrance or other interest which is subordinate to that of the judgment creditor and which is recorded, possessory or of which the judgment creditor has actual knowledge, which secures the payment of any indebtedness, the judgment creditor shall remit the excess of any sale proceeds over the amount owed on the judgment, costs and interest through the sale date, plus the expenses of sale, to the holder of the interest up to the amount of the indebtedness. The judgment creditor shall remit to the 3rd party any exempt portion of the sale proceeds subject to the 3rd party's interest. The judgment creditor shall remit any further excess, plus any exempt portion of the sale proceeds which is not subject to a 3rd party interest, to the judgment debtor and shall be entitled to any deficiency.
Q: Does my state have mortgage foreclosure surpluses & what is done with the surplus?
A: Yes. §6203‐A. Power of sale; procedure; notice; form At said public sale, the mortgagee may bid and may purchase any real estate sold at such sale, providing that the mortgagee is the highest bidder. If the real estate is sold for an amount in excess of the outstanding balance of the mortgage together with all interest and costs, said excess shall be used to satisfy any other encumbrances on said property and after all said encumbrances shall be satisfied together with all interest and costs, any excess then remaining shall be paid to the mortgagor. If the mortgagor or any person holding an encumbrance cannot be found after a diligent search, the money shall be paid into the Superior Court in the county where the land lies for the benefit of the mortgagor or the holder of any such encumbrance.
Q: How long can I collect overages in Maine before finder’s fee caps apply?
A: 1 year 1. Presumptive abandonment periods. Property is presumed abandoned if it is unclaimed by the apparent owner during the times, as follows for the particular property: K. Property held by a court, government, governmental subdivision, agency or instrumentality, one year after the property becomes distributable;
Q: Which office should I contact for tax sale overages?
A: Local tax collectors/constables.
Q: Which office should I contact for mortgage foreclosure overages?
A: Sheriff/Clerk.
