Maine league presents foreclosure clarification testimony
April 24, 2015
WESTBROOK, Maine (4/27/15)--The Maine Credit Union League proposed an amendment to expedite foreclosures last week on a bill being considered by the state legislature's Judiciary Committee.
The league testified on seven of the eight bills heard during public hearings last week (Weekly Update April 24).
Ben Drummond, the league's legislative counsel, presented the amendment, LD 846 An Act to Refine and Streamline the Foreclosure Process. "There are a number of Mainers that do not contest the foreclosure of their property," Drummond said. "For these people, this amendment would result in a resolution more quickly that would benefit all parties involved.
"This amendment adopts all existing foreclosure law, including mediation and the redemption period, while speeding up the process in appropriate cases," he said. "When the foreclosure process is initiated, this amendment has safeguards in place that reasonably and responsibly ensure that the consumer's interests remain paramount and a top priority throughout the process."
League President John Murphy said the most common complaint the league hears from credit unions is about delays during the foreclosure process, even if homeowners don't contest the foreclosures.
"We have committed significant time and resources in drafting this amendment as a solution and to provide an option for consumers and lenders," Murphy said. "The reality is that for credit unions, foreclosure is the step of last resort; however, in the rare instances, when a foreclosure is initiated, it has been viewed as challenging to expedite the process even when the parties involved agree to that path. We offered this amendment to provide clarity and to streamline the process when that is the case."