I did a scan of realtytrac and although they show a property that appears to be waterfront as an REO, it is not listed in the Multiple listing service. Banks don't sell the property themselves - they list it with an agency.
If you are looking for a waterfront home in the boothbay area, you should get in touch with an agent and get a search set up. If something waterfront does come up as a bank owned property it will not be on the market very long - so the faster you get notified the better.
In general though, the waterfront property is not the property being foreclosed on - at least not in this area. Let me know if you have any other questions.. happy to help.