Rhode Island Foreclosure
Rhode Island Foreclosure Law allows both judicial as well as non judicial foreclosures. The instruments of security are deed of trust and mortgage and deficiency judgment is allowed whereas right of redemption varies as per process adapted and typical timeline is 60 days. In addition foreclosure can happen by lender taking possession peaceably or borrower voluntarily giving possession to lender. If all methods fail lender can seek eviction by law suit. Both of the above cases (peaceful transfer of possession) must go under two witnesses which need to be notarized. Judicial foreclosure requires a court order when there is no power of sale clause available in the security instruments. Non judicial foreclosure is guided by power of sale guidelines if the contained clause is not clear on procedures. Lender to notify borrower by certified mail about the foreclosure 20 days ahead of news paper advertisements that needs to be run for 3 weeks once a week. The first publication date should be at least 21 days before the sale. Notice to be clear about the names of both lender and borrower, dates of mortgage and sale including time and place. Lender can bid in the auction.
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