If you're facing a foreclosure in Rhode Island, it’s important to understand some of the basics, including:
Below we've outlined some of the most important features of Rhode Island’s foreclosure laws.
Most foreclosures in Rhode Island are nonjudicial under a power of sale in a mortgage.
Here’s a summary of the steps involved in the process:
Rhode Island law doesn’t provide the borrower with the right to reinstate the loan. The terms of the mortgage contract, however, might give you this right. To find out if you get the right to complete a reinstatement, check your mortgage contract.
The borrower does not get a right of redemption after a nonjudicial foreclosure.
Deficiency judgments are allowed if the lender files a lawsuit after the foreclosure sale.
You can find Rhode Island’s foreclosure laws in the State of Rhode Island General Laws in §§ 34-27-1 to 34-27-5; 34-25.2-1 to 34-25.2-15. (To learn how to look up foreclosure laws, see How to Find the Foreclosure Laws in Your State.)
Federal and state laws establish a structured foreclosure process and timeline. But mistakes that violate the law are common in foreclosures. If you think your lender or servicer broke the law in the foreclosure process or you want to find out about different ways to fight a foreclosure, consider contacting a local foreclosure attorney.
It’s also a good idea to contact a HUD-approved housing counselor if you want to learn about different loss mitigation options.