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Dozens of Maine homeowners face foreclosure after USDA acts on years-old loan defaults

MAINE, USA — As homeownership continues to stretch out of reach for many, dozens of existing homeowners in rural Maine are facing foreclosure, according to court documents.

The recent series of foreclosure filings is related to what are known as Section 502 loans, issued by the US Department of Agriculture. The loan program is aimed at low-income, rural residents to give them a chance at home ownership. Close to $300M dollars in Section 502 loans have been administered in Maine since 2012.

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