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Does Maine Law Allow for a Redemption Period After a Foreclosure?

Yes. The time period for redemption depends on when the mortgage agreement was signed. For mortgages that were executed prior to 1975, the borrower has 3 months to redeem the property following a foreclosure. For mortgages that were executed since 1975, the borrower has one year to redeem the property following a foreclosure.

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This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified foreclosure lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local foreclosure attorney to discuss your specific legal situation.

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