Finance
In Maine, a mortgage recorded against a property that has been paid off but not formally discharged is called a:
ALis pendens
BStale mortgage or unreleased mortgage✓ Correct
CWild deed
DSatisfied deed of trust
Explanation
An unreleased (stale) mortgage is one that has been paid off but where no formal discharge or satisfaction has been recorded. It remains a cloud on the title until properly discharged at the Registry of Deeds.
Related Maine Finance Questions
- Maine Housing's 'Advantage' program offers eligible first-time homebuyers:
- A Maine homebuyer with excellent credit applies for a conventional loan. The lender offers a 'buydown' option. A buydown means:
- Under the Homeowners Protection Act (HPA), a Maine borrower with a conventional loan must be informed of their right to cancel PMI when:
- A Maine homeowner's adjustable-rate mortgage has a 5-year initial fixed period. After the initial period, SOFR is 4.5% and the margin is 2.75%. The new rate is:
- A Maine FHA loan requires a minimum down payment of 3.5% for borrowers with a credit score of at least:
- In Maine, a 'due-on-sale' clause in a mortgage means:
- A Maine homebuyer's closing disclosure shows a loan origination fee of 1% on a $260,000 loan. The origination fee is:
- Under Maine law, a 'notice of foreclosure' must be served on the mortgagor (borrower) before the foreclosure process can proceed. This requirement ensures:
Practice More Maine Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Maine Quiz →