Maine Foreclosure Listings Key Terms
Learn about some common terms associated with Maine foreclosure listingsDealing with a Maine foreclosure listing is a little different than dealing with a regular real estate listing. Items such as the redemption period, type of foreclosure and amount of liens against the property are detailed. Take the time to learn a bit about some of these terms so that you can maximize your experience when working with Maine foreclosure listings. Here are some of those common terms along with a few resources to help get you started.
Parties of interestParties of interest refers to all parties including the defaulted borrower, the lender, and any other lender, partial owner or municipality, which might have a claim to the property. Maine foreclosure listings will detail all of the parties involved in the foreclosure and the amount owed to each.
Lis pendisThe lis pendis is a document recorded in the county clerk's office, notifying the public that a property will be foreclosed upon. Maine foreclosure listings document the details of the lis pendis.
Power of saleThe power of sale refers to a clause within the mortgage that gives the lender the power to sell the property if the borrower defaults on the loan. This allows the lender to start the foreclosure process without obtaining an additional court order. A Maine foreclosure listings will detail whether a power of sale foreclosure or non-judicial foreclosure is occurring.
Notice of saleThe notice of sale must be mailed to the defaulted borrower by the lender. It informs the borrower of the pending foreclosure. The notice also must appear in a circulated newspaper for at least three consecutive weeks. Maine foreclosure listings will mention where the lender is in the process of disseminating the notice of sale.
Redemption periodThe redemption period is the allotted amount of time that a defaulted borrower has to reclaim the property by obtaining another mortgage, or paying off the previous default amount inclusive of fees and penalties. A Maine foreclosure listing will provide the details of the redemption period.
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