Finance
A Maine homeowner who is 120 days delinquent on their mortgage payment receives a 'notice of default' from the lender. This marks the beginning of the formal:
AWorkout period only
BForeclosure process✓ Correct
CBankruptcy filing period
DCredit counseling requirement
Explanation
A notice of default (or lis pendens in a judicial foreclosure state like Maine) formally initiates the foreclosure process after the borrower becomes significantly delinquent on their mortgage payments.
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