Property Ownership
In Maine, a homeowner's association (HOA) lien for unpaid assessments typically:
AHas no priority over any other lien
BHas priority over the first mortgage by law in Maine
CHas a subordinate priority but is enforceable against the property✓ Correct
DExpires after 1 year if not enforced
Explanation
HOA liens for unpaid assessments are generally subordinate to first mortgages in Maine, but they are enforceable against the property. The HOA can foreclose its lien if assessments remain unpaid.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
Math Concepts
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