Foreclosures still on the rise in Maine

Posted Oct. 19, 2011, at 5:06 a.m.
Last modified Oct. 19, 2011, at 5:28 a.m.

GARDINER, Maine — A new survey shows a decline in seriously delinquent mortgages in Maine, but the number of mortgages in the process of foreclosure continues to climb.

The quarterly survey by the Maine Bureau of Financial Institutions covers residential mortgage loans held by Maine’s 32 state-chartered banks and credit unions.

Superintendent Lloyd LaFountain III says he hopes the decrease in delinquent mortgages will eventually lead to a corresponding decrease in home foreclosures.

All told, there were 325 first mortgages in process of foreclosure, or one loan for every 147 first mortgages in the survey. LaFountain says those numbers indicate Maine is better off than many other states. He says there’s no threat to Maine-chartered financial institutions.

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