Lenders limited to one foreclosure proceeding per property. A mortgage company can’t bring a second foreclosure action against a borrower after losing a similar foreclosure in the court system, Maine’s supreme court ruled.
The court on Thursday unanimously upheld a ruling against mortgage giant Fannie Mae, which tried to launch a second foreclosure on a property in Lincoln after a judge threw out the original case.
“It reinforces case law that says you really get only one bite of the apple,” said James Cloutier, attorney for Patricia and Paul Deschaine, who own the home in Lincoln.
The Deschaines took out a loan on principal of $127,920 to buy the property in October 2004, and Fannie Mae brought a foreclosure proceeding in 2011 after finding the Deschaines in default.
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