A lender in Portland, Maine, obtains a judicial foreclosure judgment against a borrower who has defaulted on a residential mortgage. After the foreclosure sale is completed, the borrower claims they still have the right to reclaim the property by paying off the debt. Which Maine legal concept supports the borrower's claim?
Correct Answer
B) Statutory right of redemption, which allows the borrower to reclaim the property after the foreclosure sale
Maine's foreclosure statute at 14 M.R.S. §§ 6321–6325 provides borrowers with a statutory right of redemption following a judicial foreclosure. This right allows the defaulting borrower to reclaim the property after the foreclosure sale by paying the full amount owed, including costs, within the statutory redemption period. Maine's judicial foreclosure process specifically includes this post-sale redemption right, which distinguishes it from states that only recognize the pre-sale equitable right of redemption.
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