Detailed Answer
After a foreclosure sale in Maine, any amount the property sells for beyond the debt, fees and costs is called “surplus” or “overage.” Under Maine law, an interested party can confirm whether surplus funds remain by following these steps:
- Review the Sheriff’s or Court Sale Notice: Foreclosure sales are typically advertised in local newspapers and posted at the county sheriff’s office or courthouse. The notice often states the opening bid and the sale date. If the final sale price exceeds the outstanding mortgage balance plus costs, surplus exists.
- Obtain the Statement of Sale Costs: Within six months of the sale, the foreclosing party (often the mortgagee) must file a statement of additional costs and a request for any surplus with the clerk of the court or the sheriff’s office. This requirement appears in 14 M.R.S. §6501 (legislature.maine.gov/statutes/14/title14sec6501.html).
- Check with the Clerk of Courts or Sheriff’s Office: Contact the county clerk or sheriff where the sale occurred. Ask whether a statement under 14 M.R.S. §6501 has been filed and if the clerk has recorded a surplus payment requirement under 14 M.R.S. §6502 (legislature.maine.gov/statutes/14/title14sec6502.html). They can confirm the amount and the person entitled to receive it.
- Search the Court Docket Online: Many Maine counties offer online access to foreclosure dockets. Look for entries under the mortgagee’s name or the debtor’s name. Docket entries will note filings under 14 M.R.S. §6501 and any orders for payment of surplus.
- Contact the Plaintiff’s Attorney or Trustee: The foreclosing party’s lawyer or trustee often prepares the statement of costs. They can confirm whether surplus funds exist and how much is available.
- Investigate Unclaimed Property: If no one claims surplus funds within six months after the statement is filed, the clerk must turn the funds over to the Maine State Treasurer as unclaimed property under 36 M.R.S. §191 (legislature.maine.gov/statutes/36/title36sec191.html). Check the Treasurer’s unclaimed property database to see if the funds were reported and remain available.
Helpful Hints
- Keep records of the foreclosure sale notice and the sale price.
- Act promptly—claims under 14 M.R.S. §6501 must be made within six months of sale.
- Be prepared to prove your entitlement (e.g., if you are the former owner or a junior lienholder).
- Use the Maine Judicial Branch’s online docket search if available in your county.
- If you hit a deadline, consider filing a motion in Superior Court to assert your right to surplus.
Disclaimer: This article is for educational purposes only and does not constitute legal advice. Consult a qualified attorney to discuss your specific situation.