The Maine legislature recently enacted Senate Paper (SP) 280 to protect a homeowner’s equity of redemption in a foreclosure action. SP 280 becomes effective on November 1, 2017.
SP 280 amends existing law to provide that a writ of possession may not issue in a foreclosure action that involves a residential mortgage until the mortgagor’s period of redemption expires. The period of redemption expires 90 days from the date of judgment for mortgages executed on or after October 1, 1975 and one year from the date of judgment for mortgages executed prior to October 1, 1975. SP 280 clarifies that this amendment does not impair the right of a lender to exercise rights set forth in the mortgage or security instrument to protect the mortgaged property.
The full text of SP 280 is available here.