An Act To Clarify the Mortgage Foreclosure Sale Process
Maine Legislature, Session 127, LD 1147
Committee Amendment CA_A_H258 (House)
Amends: 14 MRSA §6324

COMMITTEE AMENDMENT" A,,, to H.P. 785, L.D. 1i47, Bill, "An Act To 
Clarify the Mortgage Foreclosure Sale Process" 
Amend the bill by striking out everything after the enacting clause and before the 
summary and inserting the following: 
'Sec. 1. 14 MRSA §6324, as amended by PL 2003, c. 20, Pt. T, §10, is further 
amended to read: 
§6324. Proceeds of sale 
After fIrst deducting the expenses incurred in making the sale, the mortgagee shall 
disburse the remaining proceeds in accordance with the provisions of the judgment. The 
mortgagee shall fIle a report of the sale and the disbursement of the proceeds therefrom of 
the sale with the court and shall mail a copy to the mortgagor at the mortgagor's last 
known address. The report ofthe sale must show the amount of the foreclosure judgment 
determined by the court and must itemize all additions to the judgment. This report need 
not be accepted or approved by the court, provided that as long as the mortgagor or any 
other party in interest may contest the accounting by motion filed within 30 days of 
receipt of the report, but any such challenge may be for money only and does not affect 
the title to the real estate purchased by the highest bidder at the public sale. Any Upon 
motion of the mortgagee, served upon the mortgagor and med with the court with the 
report of sale, any deficiency must be assessed against the mortgagor and an execution 
must be issued by the court therefor. In the event the mortgagee has been the purchaser at 
the public sale, any deficiency is limited to the difference between the fair market value 
of the premises at the time of the public sale, as established by an independent appraisal, 
and the sum due the mortgagee as established by the court with interest plus the expenses 
incUlTed in making the sale. 
Any surplus must be paid to the mortgagor,. or the 
mortgagor's successors, heirs or assigns in the proceeding. If the mortgagor has not 
appeared personally or by an attorney, the surplus must be paid to the clerk of courts, who 
shall hold the surplus in escrow for 6 months for the benefit of the mortgagor, or the 
mortgagor's successors, heirs or assigns and, if the surplus remains unclaimed after 6 
months, the clerk shall pay the surplus to the Treasurer of State to be credited to the 
COMMITTEE AMENDMENT 
COMN.!ITTEEAMENDMENT "A" to H.P. 785, L.D.1147 
General Fund until it becomes unclaimed under the Uniform Unclaimed Property Act, 
and report and pay it to the State in accordance with that Act. The report of sale required 
by this section must be filed with the court within 180 days of the date of the conveyance 
of title following the public sale, without regard to the actual date of conveyance 
following the sale. If the report is not filed with the court within 180 days, the mortgagee 
has no right to seek a deficiency judgment.' 
SUMMARY 
This amendment deletes section 1 from the bill. 
The amendment amends section 2 of the bill to require that the repOlt of the sale of 
the foreclosed property must be filed with the court within 180 days of the conveyance of 
the title of the property after the public sale instead of 45 days from the date of the sale, 
as the bill requires. 
COMMITTEE AMENDMENT