The Loose Women star was rumoured to have auditioned for the role back in April, before it was announced that Michelle Collins had won the part.
Maxwell told The People that the offer to appear behind the bar at the Rovers Return was too good to resist.
"I have turned down other things but the chance of being on Corrie was too good an opportunity to miss. When I first started acting my grandparents said to me, 'You know you've made it when you're landlady of the Rovers'. So I couldn't really not go for it! I had to do it for them.
"I had an audition and a screen test, I even filmed scenes behind the bar of the Rovers. The decision was made by several different people and I know some of them wanted me and some wanted Michelle Collins.
"It just wasn't meant to be me. Michelle is great and I'm really pleased for her after she got it. I wanted it but leaving my family would have been hard, I know."
However, the actress added that she was more than happy with her place on the Loose Women panel, as it suits her lifestyle.
"Loose Women really is perfect. I love it. Its great. If I'm feeling a bit low or fed up there's always someone there to make me feel better.
"I've turned down a lot of other TV roles because I wouldn't want to give it up. I went from working 14 hour days, six days a week on The Bill to this. It couldn't be better.
"It's live and we finish at 1.30pm so I can be home in time to pick up my daughter Beau from school without her noticing I've been gone. What other job could be that good?"
Lisa Maxwell and her Loose Women colleagues recently threatened a mutiny on the show after Kate Thornton and Zoe Tyler were axed.