Foreclosure & Alternatives Law

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.