Stop Foreclosure Rhode Island

Did you know there are several programs that can help save your Rhode Island home and stop the impending foreclosure? Loss Mitigation Agencies, such as ours, are experts in these programs and have assisted thousands of homeowners by providing straight answers and viable solutions.

Sometimes things beyond your control can put you into a financial bind that makes it hard to keep up with your mortgage payments. Don't let a missed mortgage payments in Rhode Island RI turn into default, mortgage foreclosure or eviction.

You and your family can rely upon us to provide guidance, comfort and assurance through this current situation. Let us reduce your stress and put you at ease.

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Rhode Island RI Foreclosure Laws

Lenders in the state of Rhode Island may foreclose on deeds of trusts and mortgages in default using a variety of judicial procedures.

Judicial Foreclosure

A judicial process of foreclosure requires that the lender file a lawsuit and attain a court order to foreclose on a particular property. This type of process is generally used when no power of sale is present in the mortgage or deed of trust. A power of sale is a clause found in a deed of trust or mortgage that authorizes the sale or transfer of land as outlined by the terms of that clause.

Judicial Foreclosure Procedure

If the deed of trust or the mortgage documents does not contain a power of sale clause, lenders can pursue a foreclosure by:

• Filing a lawsuit requesting a court-ordered sale
• Filing a lawsuit requesting an ejectment
• Peaceably entering the house in the presence of two statute-specified witnesses
• Having the borrower voluntarily agree to give up possession

The lender receives full title if they maintain possession. If the borrower pays the full sum, both principal and interest due on the mortgage within three (3) years, they can redeem the property. Lenders do have the option to file a deficiency judgment.

Non-Judicial Foreclosure

If a power of sale clause exists in the deed of trust or mortgage document, a non-judicial process of foreclosure is used. This allows the lender to sell the property and pay off the balance of the loan in the event the homeowner defaults. The power to sell may be completed by the lender or their representative in situations where a power of sale exists. The procedure for this type of foreclosure process is explained in the "Power of Sale Foreclosure Procedure" listed below.

Power of Sale Foreclosure Procedure

The lender provides the borrower with notice of the foreclosure twenty (20) days prior to publishing the notice in the newspaper. Notice of the time and place of the sale is published in a statute-specified newspaper once a week, on the same weekday, for three (3) consecutive weeks. The notice must also be published on the day before the sale.

The sale is by public auction held either at the property or at a location specified in the deed. The lender is allowed to bid at the sale.

Legal Information Is Not The Same as Legal Advice This site provides information about Rhode Island state foreclosure law designed to help users safely cope with their own legal needs and possible find alternatives. Everyone's legal status is different. The laws of every state are in constant change and we recommend you consult a lawyer.