Maine Revised Statutes Title 14 Sec. 6203-G – Assignment of mortgage
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Terms Used In Maine Revised Statutes Title 14 Sec. 6203-G
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
The assignment of a mortgage by a foreclosing mortgagee at any time during the foreclosure process does not affect the validity of the foreclosure. Upon the recording of the assignment of mortgage in the registry of deeds where the land lies, the assignee of the mortgage may complete the foreclosure. [PL 2015, c. 147, §5 (NEW).]
SECTION HISTORY
PL 2015, c. 147, §5 (NEW).