Bureau of Financial Institutions report reflects a rise in delinquent first mortgages
Foreclosures haven't hit Maine as hard as other places around the nation, but the state has still seen some activity over the last few years, according to the annual Bureau of Financial Institutions report to the Legislature. The bureau has been studying foreclosure and mortgage delinquency data at the 32 state-chartered financial institutions since October 2006 and releasing quarterly reports, which show the number of initiated foreclosures dropping in the third quarter of 2011, which ended Sept. 30. The number of seriously delinquent first real estate mortgages, however, is still on the increase.
"Increases in the foreclosed property inventory and number of IPF [in process of foreclosure], coupled with the very lengthy foreclosure process, suggest that the recovery will continue to be slow and drawn out," wrote bureau Superintendent Lloyd LaFountain in the report. However, he said Maine's financial institutions "are not rushing to initiate foreclosure proceedings" and are willing to work with borrowers to avoid foreclosure.
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