Two New Maine Laws Related to Mortgages

Financial Institutions should be aware of two recent amendments to Maine’s laws related to mortgages, both of which became effective on September 27, 2011. One new law requires mortgagees to provide mortgagors with a copy of the release of mortgage after recording. The other law enables mortgagors to recover attorneys fees in certain foreclosure proceedings where the mortgagee is not the prevailing party. Here are the details.

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