Under Maine law, how long does a mortgagor have to redeem their property after a foreclosure judgment is entered?
Correct Answer
B) 90 days from the date the foreclosure judgment is entered
Under Maine law (14 M.R.S. § 6322), after a foreclosure judgment is entered, the mortgagor has a 90-day redemption period during which they may redeem the property by paying the full amount owed, including costs. This is Maine's statutory redemption period that runs from the date of the court's foreclosure judgment. If the mortgagor does not redeem within 90 days, the lender's title becomes absolute and the foreclosure is complete without a public sale.
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Related Topics & Key Terms
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Related Concepts
An adjustable-rate mortgage (ARM) has an interest rate that changes periodically based on market conditions, typically after an initial fixed-rate period. The rate adjustment is tied to a financial index plus a margin.
Closing costs are the fees and expenses paid by the buyer and seller at the closing of a real estate transaction, beyond the purchase price. They typically range from 2-5% of the purchase price.
A conventional loan is a mortgage that is not insured or guaranteed by a government agency such as the FHA, VA, or USDA. It is originated and funded by private lenders and may be conforming or non-conforming.
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